Interbank GIRO

1. Easily scaled to meet the needs of expanding businesses
Company A issues 100 cheques a month. As the business grows, this payment method poses a drag on expansion as it is tedious, and requires more headcount to prepare and monitor the transactions. GIRO is an easy option for the company as it is scalable when both business and payment volume grow.

2. Reduces operational costs
Company B issues cheques to many ad-hoc suppliers i.e. stationery suppliers, packaging materials suppliers. They face repeated challenges such as loss of cheques, cheques not being presented and returned cheques due to irregular signatures. The company frequently incurs charges for stopping or replacing the cheques. By using GIRO, these challenges are resolved as operational costs are reduced, and there is no more need to address the status of the cheques.

3. More certainty over payment deductions
Company C needs to maintain a minimum amount in their bank account to honour payments. With GIRO, Company C has greater certainty over when the monies will be deducted from their account.

For interbank GIRO transfers initiated before the Bank's cut-off time, the beneficiary will generally receive the payment on the following business day. However, the actual timing of the crediting of funds to the beneficiary's account will depend on the beneficiary bank's processing hours.