30 Dec '11, 12am

Should our banks implement a common system to allow electronic payment and notification?...

The Singapore Land Authority has introduced a useful system to allow lawyers to notify banks of payments through an electronic notification, instead of manual forms. More details here: http://www.todayonline.com/Singapore/Singaporeinbrief/EDC111230-0000022/Conveyancing-through-ePI-for-property-lawyers However, this still requires a separate exercise for the payer to notify the payee. A better system is to allow the payments to be notified automatically - similar to payment through Pay Pal. The banks in Singapore should adopt a common system to allow all payments to be transferred electronically and notified automatically. This system should cover all types of payments, and should not required any agency, such as the SLA, to set up a separate system for the notification.

Full article: http://tankinlian.blogspot.com/2011/12/electronic-payment...

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