28 August 2012
Editor, Voices
New Paper
In spite of the availability of electronic banking, many businesses
are still making payment using checks. I read a report that
91 million checks were cleared in Singapore in 2000. This number
91 million checks were cleared in Singapore in 2000. This number
is likely to be higher today.
Why are so many checks being used, when there are
more efficient ways to make payments, e.g. through
electronic banking.
It probably cost businesses a few dollars to process each check, considering
the manual work that has to be done by accounting staff in the paying and receiving
companies and their respective banks.
I have tried to make electronic payments for my business transactions and
found the process to be difficult and error prone. After the disappointments, I have decided
to go back to writing checks.
Can the Monetary Authority of Singapore and the Association of Banks in Singapore
look at how to make it easier for business entities to make electronic payments and to
promote its usage?
Tan Kin Lian
Director
Tan Kin Lian & Associates Pte Ltd
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