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This GIRO upgrade is an industry- wide enhancement of the current interbank GIRO payment infrastructure led by the Association of Banks in Singapore (ABS).
What are the differences between the current GIRO and the upgraded GIRO on performing funds transfer on Personal Internet Banking?
1.Add New Funds Transfer Payee
Under Transfer & Remittance > Payee Management
You will only need to provide the name of your payee’s bank, payee’s name and account number for GIRO funds transfer. You do not need to provide the branch code in future.
For funds transfer to HSBC, OCBC and SBI account numbers, you will need to incorporate the branch code into the account field. The full account number for these three banks will be expanded to include the branch code and the existing account number. You can check with the 3 banks for the revised account numbers as well.
2.SWIFT Bank Identifier Code (BIC)
The Bank/Branch code will be replaced by the SWIFT BIC as the bank identifier. You will see this BIC in the payee that he has set up for “Transfer via GIRO” in Transfer and Remittance screen.
3.Purpose Code
You will need to provide a mandatory purpose code for all future GIRO transactions. The purpose code will be shown in the selection menu.
4.Support 24/7,7 days a week GIRO Funds Transfer in Internet Banking
Personal Internet Banking will be able to support GIRO funds transfer 24 x 7,7 days a week from 23 March 2015 onwards.
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