IBG short for Inter-Bank GIRO is a platform provided by Malaysian Electronic Clearing Corporation (MyClear) which is a subsidiary of Bank Negara Malaysia where funds can be transferred via various e-banking channels with a approval processes providing a paperless approach to modern banking.
LIMITATIONS OF GIRO
Browse though any of the Interbank GIRO Transfer FAQs provided by few banks in Malaysia and you will notice the following common weaknesses:-LIMITATIONS OF GIRO
1. Transactions performed after 12pm will only be available the next working day.
2. Transactions to Private Limited Companies will be rejected.
3. GIRO Services are only available during certain hours
4. There are limitations to the maximum amount per transaction
F.A.S.T.
A new service similar to IBG called Fast and Secure Transfers (FAST) will be made available in Singapore starting 17th March 2014
-It can be used after office hours, and on weekends and public holidays.
-The service will be free for all retail customers of the participating banks."
Source:-http://www.channelnewsasia.com/news/business/singapore/new-electronic-funds/1027770.html
VIEWS
Currently it is only available for Sing Dollar transfer and there are only 14 participating banks for F.A.S.T. as compared to GIRO's 40 participating bank. (as at March 2014)
