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Electronic Settlement Speeds Up Reconciliation Process

Updated: May 29, 2023



Did you know CYS Global Remit stopped accepting cash payment as a mode of settlement from 2020 as part of our digitalisation initiative towards making a more digital (also known as electronic) payment inclusive society. CYS Global Remit follows guidance from Singapore SMART nation initiative of achieving a cheque-free society by 2025 and aims to stop accepting cheque as well.

CYS Global Remit encourages its customers to settle their transactions via electronic modes such as Account Transfer (same bank transfer to DBS or OCBC) or FAST[1]. For convenience, customers can also transfer SGD funds to our bank account by inputting CYS’s Unique Entity Number (UEN) through PayNow Corporate[2].

To quickly recognise and match incoming funds against internal records, customers are encouraged to input CYS FX booking reference number as part of the payment remarks in their bank transfers. CYS Global Remit internal system uses smart algorithms to match senders’ information and bank transaction references on a real time basis.

Additionally, CYS Global Remit has implemented a trial run with its ET-Home mobile application to include PayNow via QR Code as the preferred mode of settlement. The QR Code encompasses the exact amount and transaction number which is non-editable during the preparation of the bank transfer. This simply allows customer to transfer payment to CYS Global Remit with confidence and not worrying on making mistakes. CYS Global Remit aims to roll out this solution to the rest of its digital platforms in the coming months.

CYS Global Remit’s Fintech Development Team strives to keep up with the latest trend whilst delivering the convenience and economic solutions to its customers.

 

[1] FAST (Fast And Secure Transfers) is an electronic funds transfer service that allow customers to transfer SGD funds almost immediately between accounts of the participating banks and non-financial institutions (NFI) in Singapore. FAST was originally launched on 17 March 2014 and included only bank participants. FAST has included NFI participants since 8 February 2021 - https://abs.org.sg/consumer-banking/fast [2] PayNow Corporate enables Entities to pay and receive Singapore Dollar funds instantaneously by linking their Unique Entity Number (UEN) issued in Singapore to their Singapore bank account. They do not need to know the bank and account number of other entities when transferring funds. - https://abs.org.sg/consumer-banking/pay-now

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