Several banks in Jakarta allows customers to transfer funds at ATM machines by entering the amount, recipient account number and a reference number. The ATM will show the name of the recipient for confirmation. The reference number allows the recipient to know who made the payment.
Our banks in Singapore now allow customers to transfer funds through ATM machines but does not allow a reference number to be entered. The recipient does not know who made the payment.
I hope that our banks in Singapore can provide a similar service, i.e. allow the funds to be transferred by ATM and allow a reference number to be entered. This will reduce the need for customers to send cheques for business payments. It will improve efficiency. I hope that MAS can encourage the banks to offer this service.
Tan Kin Lian
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