Payments - Velocity@ocbc - Banking

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Payments - Velocity@ocbc

Velocity@ocbc simplifies online payments. It can be used for a variety of day-to-day payment transactions listed below. Velocity@ocbc provides a user-friendly interface for data input, convenient lookup tables for reference, in-built check to ensure completion of mandatory information fields and pre-designed templates to help with repetitive transactions.

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Cashier’s order

This type of payment transaction is created in the local currency of the subscriber. The bank issues these payments in favour of the beneficiary as per the instructions received from the ordering customer.

Telegraphic Transfer

In telegraphic transfer, the bank transfers funds from the ordering customer's account to the beneficiary's account. This is normally used for transactions in a foreign currency and when the ordering customer and the beneficiary are located in different countries.

Demand Draft

The banks issue drafts in a foreign currency as per the instructions received from the ordering customer. This is normally used for transactions in a foreign currency and when the ordering customer and the beneficiary are located in different countries.

MAS Electronic Payment System (MEPS)

This payment type is carried out between two parties who hold accounts in any local bank. The fund is transferred from one party's account to another party's account.

Interbank Giro Payment

In Giro Payment, a single debit, multiple credits instruction is submitted to the bank.

Giro Payroll

In Giro Payroll, a single debit, multiple credits instructions is submitted to the bank to pay employee salary.

Internal Fund Transfer

In Internal Fund Transfer, account transfer from one OCBC Bank account to another OCBC Bank account and transfer of funds between two parties who are holding OCBC Bank accounts can be performed.

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