Key Supervisory and Regulatory Initiatives PAYMENT AND SETTLEMENT SYSTEMS Payment Systems Figures Fund transfers by Interbank GIRO (IBG) grew by 13% to S$122 billion in 2004. Payments by cheques reversed successive years of decline with a 5% increase in the value of Singapore Dollar (SGD) cheque transactions to reach S$387 billion in 2004. The value of payments by NETS Electronic Funds Transfer at Point of Sale (EFTPOS) rose 15% to S$8.1 billion and payments by multipurpose stored value facilities rose 7% to S$1.3 billion. As of December 2004, there were 1,609 Automated Teller Machines (ATMs). The major ATM networks are the DBS Bank Ltd network, the United Overseas Bank–Oversea-Chinese Banking Corporation Ltd network and the Hongkong and Shanghai Banking Corporation Ltd–Malayan Banking Bhd-Standard Chartered Bank network. The volume of MEPS transactions grew 5% last year to 2.2 million, with the total value of these transactions remaining unchanged at S$9.9 trillion.