Annual Report 2001/2002

Interbank GIRO (IBG)

SACH enhanced the IBG system to a browser-based eGIRO system in July 2001. The new system eliminates manual delivery of magnetic tapes between participating banks and SACH. Participating banks can now send and receive GIRO items, including returned and rejected items, electronically via a secured communication network. With eGIRO, clearing cycles for the direct credit and debit transactions could be shortened significantly. In 2001, there was an increased usage in the IBG system. The number of transactions processed in 2001 was 33.6 million, 12.2% higher than in 2000 and the value of IBG transactions processed in 2001 was $80.7 billion, 11.9% higher than in 2000.

Interbank GIRO Chart

[Consumer Credit Bureau] [Reducing Foreign Exchange Settlement Risks] [Automated Teller Machines] [MAS Electronic Payment System] [Interbank GIRO] [Cheques] [Electronic Fund Transfer] [Multi-purpose Stored Value Card]

[Regulatory Initiatives] [Developmental Initiatives] [Market Infrastructure]

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