BCS Singapore - Secure & Efficient Electronic Payment Systems

About

SINGAPORE AUTOMATED CLEARING HOUSE

Every day, millions of payment transactions processed through Singapore’s extensive banking network is supported by BCS’ payment infrastructure. An early adopter of advanced technologies, BCS’ innovative solutions have placed Singapore on the world map for fast, accurate, reliable and secure payment transactions. Leveraging our knowledge and expertise, BCS continues to innovate and introduce new systems to meet the demands of the evolving landscape of payment solutions and service.

The Lifeline of Singapore’s Economy

Payment has often been the life-line of any economy.
BCS was established in 1976, just a decade after Singapore’s independence, to provide data processing services to banks. Following its appointment as the operator of the Singapore Automated Clearing House in 1981, BCS has worked closely with the industry to develop key payment systems in Singapore.

Key Milestones

  • Incorporation of Banking Computer Services Private Limited (BCS)

    By Oversea-Chinese Banking Corporation Limited (OCBC Bank) and Hongkong and Shanghai Banking Corporation Limited (HSBC Bank) to provide data processing services to shareholder banks

  • Appointment as Singapore Automated Clearing House (SACH)

    For the clearing of Singapore-dollar denominated cheques

  • Launch of Cheque Clearing System

    Automation of cheque clearing process employing Magnetic Ink Character Recognition (MICR) technology and high-speed cheque reader sorters

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  • Launch of GIRO

    A bulk payment system that enables collections and recurring payments between customers of participating banks

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  • Launch of System for Handling Interbank Funds Transfer (SHIFT)

    An online real-time high-value funds transfer service for banks in Singapore

  • Launch of book entry system for Scripless Government Securities (SGS)

    A centralised depository system that facilitates real-time, electronic clearing and settlement of scripless / dematerialised government securities

  • Launch of Certificate Authority (CA)

    Issue of digital certificates to subscribers as an enhanced security measure to support CTS and eGIRO

  • Launch of Cheque Truncation System (CTS)

    The world’s first Cheque Truncation System implemented nationwide

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  • Launch of Fast And Secure Transfers (FAST)

    An ISO20022, 24x7, retail electronic funds transfer service that enables instantaneous transfers of funds between customers of participating banks

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    National Infocomm Awards

    FAST was awarded 1st runner-up position for the “Most Innovative Use of Infocomm Technology (Private Sector – General)” award category

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  • Launch of Interbank GIRO

    An enhanced version of GIRO built on internationally-recognized payment message standard, ISO20022, for better interoperability

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  • Launch of PayNow

    Supports transfers of funds using a recipient’s mobile number, NRIC or unique entity number; eliminates need for the recipient’s bank account number

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CONTACT US

Banking Computer Services Pte Ltd

11 Tampines Concourse #02-05 Singapore 528729

T +65 6416 9000
F +65 6785 1057
E info@bcs.sg