It is an online payment gateway that facilitates interbank transfer of funds whenever customers make a payment for their online purchases and for business you can start accepting payments and in return allows you to sell and grow your business more. Customers need only their banking accounts to make payments whenever they shop at online stores or websites. For businesses, all you need to do is to have a corporate Internet Banking account and you can start accepting payments for transactions made by your customers.
It asked banks to put preventive measures in place and follow them meticulously. It also issued some other guidelines in this regard.
Here is what you need to know: While dealing with suspicious or cheques of high value, banks have been asked to alert the customer by a phone call and obtain confirmation from both the parties involved in the transaction. Besides sending alerts, banks have been asked to examine cheques under UV lamp.
This is applicable if the cheque amount goes over Rs 2 lakh. Also, a mechanism must be put in place to ensure multi-level checking of cheques for amount over Rs 5 lakh.
Banks are also required to closely monitor how money is deposited or moved out from newly opened transaction accounts. This is a must.
It ensures that the bank verifies information about you, thus limiting fraud cases. So, it goes without saying that the person writing the cheque will be compliant with KYC rules.
It helps eliminate the need for physical movement of the cheque for verification. Thus the scope for fraud is reduced. Many times, even though the original cheques were held by the account holder, fraudsters enchased cheques with the same number.
So, banks have been advised to take appropriate precautionary measures to ensure that confidential information like customer name, account number, signature, cheque serial numbers and other information are verified and not misused in any way.
Among other preventive measures, RBI stated that high quality of equipment and personnel must be ensured for CTS-based clearing. Banks should not look at it as a mere mechanical process, but consider it as an important part of cheque-handling.Frequently Asked Questions on Cheque Usage.
General Cheque Issuance; General Cheque Deposit; Click here for instructions on how to write a cheque. Singapore USD Cheque Clearing System. Free. Other Currencies (non-SGD) and USD (non- .
Cheque. To pay for your purchase using a Cheque: Place your order with an Apple Representative by phone on MY-APPLE ( ). Obtain the final dollar total of your order, including GST from the Apple Representative.
Payment by Cheque, Bank Draft and Cashier Order are accepted, and should be crossed and made payable to AIA Singapore Private Limited.
Please write your policy number on the back of the Cheque, Bank Draft or Cashier Order and send it together with the Premium Notice to. • Cheque should be crossed and made payable to "The Great Eastern Life Assurance Co. Ltd”. • Policyholders are reminded to write their proposal/policy numbers on the back of the cheque, and mail it to our Head Office address at Great Eastern Life, 1 Pickering Street # Great Eastern Centre Singapore or have the option to deposit the cheque at our Service Centres.
Citibank credit card customers can pay their bill by sending a check or money order via mail. Customers can also opt for a one-time online bill payment, enroll in auto bill pay or contact a Citibank representative via telephone to make a payment.
On-Site Cheque – A new attribute ‘Memo line’ has been introduced for manual input in On-Site cheque, Posted Time – The 'Posted Time' will be available in Tag 13 for Singapore transactions in SWIFT and SAP MT formats.
The This will over-write any value that is already stored in line 1 of the Bank Details sub-form.