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ICBC Sydney Launches Direct Entry IntraDay Settlement
 

Reserve Bank of Australia issued a paper on its Strategic Review of Innovation in Payments Systems, with the objective for individuals and businesses to make electronic credit transfers with the beneficiary having confirmation of payment and access to those funds in near or real time.

One feature supported was IntraDay Clearing and Settlement for Direct Entry payments. Main aim of this feature is to speed up payments to give faster availability of funds to the recipient. Participating banks can exchange and settle Direct Entry Payment five times a day (previously once).

For some time now, ICBC has been sending your Direct Entry payments five times a day. From 15th September 2014, ICBC can also receive Direct Entry payment to your account five times a day which will give you faster access to your funds.

We are confident this new feature will improve your E-Banking experience with ICBC.


(2015-07-28)