What is eGiro and how long does set-up take?
SINGAPORE – The Association of Banks in Singapore (ABS) launched its new eGiro service on Monday (Nov 8). Here are some frequently asked questions about the new service:
Q: What is eGiro?
A: eGIRO stands for electronic Giro. It is an initiative that digitises the Giro application process with the aim of significantly reducing the Giro set-up turnaround time. This is a joint initiative by ABS and participating banks, supported by the Monetary Authority of Singapore (MAS).
Q: When was it launched?
A: eGIRO was launched on Nov 8 with eight participating banks. In the initial phase, 13 billing organisations will offer eGIRO services from Nov 8.
Q: How long does the eGiro process take?
A: The current Giro application process takes three to four weeks to complete end to end. With the new eGiro process, the turnaround time is reduced to just minutes for a consumer.
Q: Can I use a participating bank’s website to create an eGiro instruction in my bank account?
A: No. Currently, you can create an eGiro instruction only via a participating billing organisation’s mobile application or website.
Q: Is there a charge to use eGiro?
A: No. Currently, you will not be charged for creating an eGiro instruction via a participating billing organisation’s mobile application or website.
Q: What are the measures in place to safeguard my data during an eGiro set-up?
A: There are stringent security measures in place to safeguard your personal data that passes through eGiro. Your data is encrypted.
Only the bank and billing organisation that you have authorised to receive your data is able to decrypt the data. The authentication and authorisation processes are underpinned by banks’ two-factor authentication (2FA) and transaction signing.
Q: Will eGiro replace the current paper Giro?
A: No. eGiro is currently not replacing paper Giro.
Q: Will my paper submissions or existing instructions be migrated to eGiro?
A: No. Existing instructions or new set-ups by paper forms will not be migrated to eGiro.
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