Singapore shared ATM network goes live

Singapore shared ATM network goes live

HSBC, Maybank and Standard Chartered have gone live with the first Qualifying Full Bank (QFB) shared ATM network across Singapore, powered by MasterCard International.

In a joint statement, the three banks say they are committed to establishing their full quota of five off-site ATMs each accorded under the QFB privileges. The banks will collaborate to avoid duplication of sites and to improve their offerings to customers at the ATM.

MasterCard International was chosen to provide the network linking the QFBs, based on MasterCard's Cirrus platform on which all three banks were already enabled, say the banks.

Customers can continue to use their existing ATM cards to access the network, which will initially offer balance enquiry and cash withdrawal services. Further services will be rolled out over time. A fee of S$0.30 will be charged for each transaction when customers use ATMs of the other participating banks. This fee will be waived for the first three months from 27 March 2002.

Nicholas Winsor, head of personal financial services at HSBC, comments: "The shared network, which gives HSBC customers a four-fold increase in the number of ATM locations, provides a solid foundation for HSBC to grow our personal financial services business."

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