SINGAPORE (Dec 17): Banking in Singapore has entered a new realm. Just ask Emma at Oversea-Chinese Banking Corp, and Amy and Eve at United Overseas Bank. Amy uses robotic process automation (RPA) to process requests for letters of credit by UOB’s corporate clients while Eve reviews credit card applications. And since her launch in 2017, Emma has helped OCBC secure $180 million worth of home loans. 

It is not just Emma, Amy and Eve that are changing banking. Today, fund transfers across borders for consumers and corporates are almost instantaneous. Local banks have joined a global real-time payments system and the SWIFT global payments innovation in the past couple of years. In April this year, DBS Group Holdings announced that its clients in Singapore and Hong Kong would be able to tap the SWIFT gpi solution. 

UOB had implemented SWIFT gpi for its corporate clients last November. Customers can experience faster and more transparent business-to-business payment processing, including those across borders, UOB said. SWIFT gpi will also make it easier for clients to track their payments, enabling them to check if funds have been received by a beneficiary or if they are still being processed.

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