31 Dec '11, 1am

Today paper published my letter suggesting that the banks should provide a simple way to make electronic payment...

I CONGRATULATE the Singapore Land Authority for introducing an electronic system to allow lawyers to notify the banks of details of payments paid into conveyancing accounts, instead of using hard copy forms. This is a useful step to reduce paperwork and improve productivity. I notice however, that this is an initiative taken by an agency to cover only a small section of the transactions. It still requires the payer to take a separate step to send a notification to the payee. I urge our banks in Singapore to introduce a common system for electronic payment and notification. This system can ride on the existing security infrastructure of the banks to validate the payers and allow them to make electronic payments through a common payment gateway to the payee accounts. The process should include an electronic notification to be sent to the payees. This type of arrangement has ...

Full article: http://tankinlian.blogspot.com/2011/12/today-voices-autom...

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