Prince Bank has joined a growing number of commercial banks and microfinance deposit-taking institutions (MDIs) to offer the National Bank of Cambodia’s “Fast Payment” service. Fast is a payment system that allows Prince Bank customers to transfer funds across all member financial institutions.
Transactions are performed in real-time, and funds are immediately accessible. Fast promotes interbank cooperation that facilitates transfers in Khmer Riels all across the country. Additionally, customers benefit from a high transaction limit of up to 40 million riels, while taking advantage of low transaction fees that start at 4,000 riels.
Fast makes it more convenient for customers to access funds by streamlining the money transfer process between financial institutions. As a result, it helps customers to become familiar with electronic payment systems and encourages them to move towards an increasingly cashless banking future. In the process, banks benefit from reducing the time and energy spent on cash handling transactions.
This move towards digitalization aligns perfectly with Prince Bank’s long-term vision to be a leading digital bank.
To celebrate the launch of “Fast Payment” and promote transactions in Khmer Riels at all locations, Prince Bank is waiving the transaction fees associated with money transfers. Family, friends, and customers can take advantage of this promotion starting now until 30 June 2020.