GIRO transfers are a blessing for business owners who have to make constant recurring payments at the end of each month. Let’s face it: handling all the bills and the payments at the end of the month can be quite overwhelming for a single person.
Plus, if you make even a tiny error, it can significantly harm your business. This is why you need GIRO to take the driving wheel. But the GIRO setup process can be a little confusing and tiring, especially when you are doing it for the time. This is why we will list a simplified method of setting up GIRO transfers.
What are GIRO transfers?
GIRO stands for General Interbank Recurring Order. It is an excellent money transfer system for smooth & automated recurring payments like utility bills, subscriptions, supplier payments, and more.
Using GIRO, you can make or collect payments directly from your customers or other businesses. If you are operating in a country like Singapore that supports electronic banking systems, GIRO is the ideal pick.
GIRO eliminates the need for manual work to process recurring payments. It makes the whole process automated, which minimizes the scope of errors. Plus, you also have the luxury of canceling a GIRO payment if needed.
- Introduction of eGIRO to Simplify the GIRO Setup Process
With eGIRO, the Association of Banks in Singapore, along with eight leading banks, has built a transformative initiative to achieve Singapore’s goal of becoming a smart financial hub. This innovative scheme was launched on 8 November 2021 and presents a novel way to streamline and expedite the application for GIRO payments in Singapore.
These eight participating banks are:
- Bank of China
- DBS Bank/POSB
- HSBC Bank
- Industrial and Commercial Bank of China
- OCBC Bank
- Standard Chartered Bank
The eGIRO service is based on cloud technology, microservices, and APIs. With the help of these cutting-edge features, it provides a trouble-free experience for customers, banks, and billing organizations.
You will be surprised to know that the GIRO application process usually takes around 3-4 weeks to be completed offline. However, when you shift to eGIRO, the time and effort are reduced significantly. That is not all; eGIRO services are open 24/7, which means you can apply at a given point in time, and within a few hours, your application will be approved and ready to go.
How eGIRO works:
- Choose Your Bank: The most crucial step is to select the bank through which you’d like to process your GIRO payments. Take time to find the bank whose deals and offers are best aligned with your financial goal. Compare a few options before hopping on board with one.
- Online Banking Login: Once you have selected the bank, make sure to opt for net banking as well. Access your selected bank’s net banking page and indicate the account you wish to use for the recurring vendor payments.
- Confirmation of Success: After setting up your net banking details, you’ll receive a confirmation message that your GIRO application was successful. Viola, you are ready to make GIRO transactions now! Wasn’t that simple?
What are the perks of eGIRO?
- Quick Processing Time: Payments made through eGIRO are processed within seconds. You don’t have to wait anxiously around the screen to receive a confirmation.
- Faster GIRO Setup: Unlike the tiresome offline process, eGIRO setup is easy and is completed within a few minutes.
- Easy and Secure Setup: As mentioned above, the setup process is easy, and it also ensures the complete safety of your data.
- Immediate Setup and Confirmation: Once you finish all the right steps to set up your account through eGIRO, you receive instant confirmation.
- Swift Payments for Billers: You don’t have to be afraid of your payments getting stuck. With eGIRO, you can collect payments within a day, ensuring speedy processing of financial transactions.
If the long and tiresome setup process is stopping you from using GIRO transactions for recurring payments. eGIRO will help you change your mind. With eGIRO, you can easily complete the setup process within minutes. Also, you don’t have to wait for days to start making transactions; The confirmation will come within a few minutes.