Comparison of Payment Systems
| Feature | FAST (Fast And Secure Transfers) | GIRO (General Interbank Recurring Order) | SWIFT (Society for Worldwide Interbank Financial Telecommunication) | NEFT | RTGS | |
|---|---|---|---|---|---|---|
| Primary Use | Urgent, one-off, or instant domestic (within SG) payments (e.g., peer-to-peer, immediate bills) | Automated, recurring domestic (within SG) payments (e.g., utilities, rent, payroll) | International money transfers between financial institutions worldwide | |||
| Speed | Near-instant (typically within minutes) | Slower (can take up to 2-3 business days to clear in batches) | Slow (typically takes 1 to 4 working days, depending on intermediary banks) | |||
| Availability | 24/7, 365 days a year | Processes in daily batches, not instant or 24/7 | Operates during business hours (not 24/7) | |||
| Cost | Usually free or very low cost for standard transfers (depends on bank) | Generally low cost or free for recurring use | Expensive, with potential intermediary and exchange rate fees | |||
| Geographical Reach | Domestic (within Singapore and other participating countries’ specific systems) | Domestic (within Singapore) | Global (connects over 11,000 financial institutions across 200+ countries) |
Summary of Differences
- FAST is designed for speed and convenience for one-off local transfers. It is a “push” transaction initiated by the payer.
- GIRO is optimized for automation and efficiency for predictable, recurring local payments, functioning as either a “push” (direct credit for payroll) or “pull” (direct debit for bills) system that runs in batches.
- SWIFT is a secure global messaging network used when funds must move across international borders. Its process involves multiple banks and is consequently slower and more expensive than local system