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GIRO was set up in 1987 as an electronic direct debit mechanism used by billing organisations (BOs) as a low cost means to collect payments. GIRO ia a tripartite mechansim between billing organisations, customers and the bank. The authorization for direct debit is a contractual relationship between a consumer and a BO; banks are the intermediaries in this tripartite relationship, and help to effect authorised GIRO deductions. Today, GIRO is widely used for consumers to pay bills to government agencies and private sector BOs. GIRO is especially useful for payments which are regular in nature and of a fixed quantum. In the public sector, some fees such as MOM's foreign maid levy and CAAS' season parking, GIRO have been made the only means of payment. For many other public sector fees and charges, such as school and miscellaneous fees, rentals, seasons parking and personal income tax, a substantial proportion of the payments are also made through GIRO. | | | |
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The ABS Guidelines spell out the roles and responsibilities of the various parties i.e. billing organisations (BOs), banks as well as customers. The Guidelines also explain the procedures to be taken when a GIRO application is to be opened, terminated or in the case of disputes. These guidelines are now downloadable off this website. You will require an Acrobat Reader to view these files. | | | | ABS Guidelines on Operating a GIRO | | Interbank GIRO (IBG) Procedures (Appendix A) | | GIRO Application Format (Appendix B) | | List of Organisations Adhering to The ABS Guidelines on Operating a GIRO | | | |
| Best Practices for BOs | | | |
| Making Sense of GIRO | | | |
| View the list of transaction codes used by banks and are reflected in your bank statements whenever there is a Giro transaction. | | List of Interbank GIRO (IBG) Codes |
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