Show payers’ name in bank statement

[aerobwala]

Many people now make electronic payments via the internet or ATM transfers.

However, bank statements do not show the name of the payer. As a result, the party receiving the payment has a hard time tracing the payer’s identity.

Because of this, many companies discourage their customers from paying via electronic transfers. Instead, they ask customers to pay via cheque.

I urge the Monetary Authority of Singapore to encourage banks to show the names of payers in bank statements when money is transferred electronically. The payer’s names can be taken from the bank accounts from which the funds are drawn.

This will encourage the use of electronic payments and reduce the cost of making payments in Singapore.

TAN KIN LIAN
The Straits Time, Tuesday, August 26, 2014, A22

 

[aerobwala]

If imposed, this will clean up all the illicit transactions in Singapore.
Pimp business in the next door, Sammyboy, will be down by 100%.

 

[Leongsam]

If imposed, this will all the illicit transactions in Singapore.
Pimp business in the next door, Sammyboy, will down by 100%.

When I make payments over the internet, there is free field which allows me to put whatever I want eg Invoice number, account number, name, etc.

There is no need for the name of the bank account which the money is being transferred from.