Velocity@ocbc

General

Check status of application

Your Velocity@ocbc application will be processed within 7 business days upon receipt of the completed form.

If you have further questions, call us at (65) 6538 1111 (Monday – Friday, 8.30am to 6pm) or send your enquiry to velocity@ocbc.com.

No response after application for more than 7 days

Upon receipt and verification of your application, the Bank will process your application within 7 business days.

 

The password mailers will be sent by normal mail to the individual users. The Velocity@ocbc starter kit is sent separately to the contact person indicated in your application form. Starter kit for Basic Service Package is sent by normal mail. Starter kit for Other Service Packages are sent by registered post.

 

If you have further questions, call us at (65) 6538 1111 (Monday – Friday, 8.30am to 6pm) or send your enquiry to velocity@ocbc.com.

Access my account balances and statements

Use the “Accounts - Overview” function to access the real-time balance summary of your accounts.

a) Select “Accounts”

b) Select “Overview” function to access your account balances

c) Click on the account number to view the transaction history

d) Use the 'show filter' function to enter your selection criteria and click on 'filter' to access your account transactions

e) To obtain a printout of your statements, click 'Download' > select format > 'Ok' to view your statements

f) Click “Print” to print your account statement and transaction history

 Note: Adobe Reader Version 10 & above is recommended for viewing statements online.

Enquire on incoming funds or cheque issuance status

You can retrieve them from your real-time online statements that are up-to-date.

a) Login to Velocity@ocbc

b) Select “Accounts” > “Overview”

c) Click on the account number to view your transaction history

d) To obtain a printout of your statements, click “Download” to view your statements. Click “Print” to have it printed out.

Note: Acrobat Reader version 10 & above is recommended for viewing statements online.

Tag new accounts to Velocity@ocbc

Newly-opened accounts are not tagged automatically tagged online. Please complete the Velocity@ocbc Manage Account Form to request to add.

Please submit the original form, duly signed by the authorised persons, to any of our branches or mail to the address indicated on the form. Upon receipt and verification of the form, we will process your request within 7 business days.

Where to find the Velocity@ocbc forms

You can download the most up-to-date Velocity@ocbc forms from here.

Unable to view PDF reports/statements online

Please check that you have Acrobat Reader version 10.X and above installed. Otherwise, you may wish to download it from http://get.adobe.com/uk/reader/.

Making payments in Velocity@ocbc

In a typical transaction workflow via Velocity@ocbc, the maker prepares the banking transaction online and submits the prepared transaction to an authoriser for approval.

The authoriser on the other hand will authorise the transactions prepared by the maker. In the case of Standard Service Package, the same user is both the maker and authoriser.

Each transaction must be fully authorised, either singly or jointly (this arrangement is specified at point of application) before it will be processed by the bank. After authorisation, you should check on the status of transaction to see if it has been accepted by the bank.

Authorise payments

All financial transactions must be fully authorised by the Authoriser before they are submitted to the Bank for processing.

a) Login as an authoriser

b) Select “Transactions”

c) Select “Pending Transactions”

d) Select the transactions that you want to authorise. You can select multiple items by checking the checkbox next to the transaction you wish to authorise.

e) Click on ''Approve Selected''

f)  The Security C hallenge screen will be displayed. Switch on your token by pressing the grey SIGN button. Enter the 6-digit number shown on the screen into your token.

g) Press the grey SIGN button again to generate the 6-digit One-time password

h) Enter this 6-digit One-time password in the One-time password field under step (4) on the Security Challenge screen

i)  Click ''Submit''

j) A message indicating that your transaction has been authorised successfully will be displayed. If your transaction(s) require/s more than one Authoriser to authorise, the next Authoriser(s) will need to repeat the steps described above. When completed, your transaction(s) will be sent to OCBC Bank for processing.

k) The status of your transaction when fully authorised will change from Pending Authorisation> Authorised > Submitted to bank

Manual and file uploads

Manual – If your maker has prepared a transaction by manually entering the payment details.

File Upload – If your maker has prepared the transactions by uploading a file that is Velocity@ocbc (business internet banking) format-compliant.

Make payments and transfers

Transfer Payment methods
To an OCBC account
  • Another OCBC account
  • Own account
To another bank locally
  • GIRO payment
  • MEPS payment (same-day transfer)
  • Telegraphic transfer
To a bank overseas
  • Telegraphic transfer (foreign currency)
 Other functions Payment methods
Payroll
  • GIRO payment
  • GIRO management payroll
Pay bills
  • Bill payment
Collect funds
  • Funds collection
Stop cheque
  • Stop cheque payment
Paper instruments
  • Cashier’s order
  • Demand draft

If your transfers / payments are to be delivered on the same day of the SGD transaction, MEPS payment method would be recommended. However, there would be a charge of S$20 per transfer.

Otherwise, GIRO payment method would be recommended. A charge of S$0.20 applies and the money would be received 2 days after the value date.

Notifications on transaction status

Currently, there are only notifications for 'Authorised' status and 'Pending Authorisation' status (not applicable to Standard Service Package). 
Please check for other transaction status through Velocity@ocbc.

Check transaction status

For GIRO and other transaction type status:

a) Login and select ''Transactions''

b) Select “Transaction Status''

c) Complete the fields for “Search Criteria” 

Please refer to the “Remarks” column in the GIRO Summary report, GIRO Details report, Funds Collection report for the reason on why the item has not been processed successfully.

 

Transaction status codes

General

Status What it means
Saved Transaction has been created and saved by maker.
Not submitted to verifier or authoriser yet.
Pending Authorisation Transaction has been verified, pending authorisation.
Will remain as pending authorisation until all authorisations are completed.
Authorised Transaction has been fully authorised by all authorisers
Submitted to Bank Transaction has been verified and authorised. Transaction will be sent to the bank
automatically for processing after the last authoriser has authorised the transaction.
Successful Transaction has been accepted and processed by the bank.
(Status applicable only for all cash products)
Unsuccessful Transaction has been rejected and not processed due to certain errors.
(Status applicable only for all cash products)
Recalled Transaction recalled by maker. Only applicable for transactions that have been sent to
the verifier or authoriser but yet to be verified or authorised. The maker can either edit
or delete and resubmit the transaction.
Returned by Authoriser Transaction has been submitted by maker, but rejected by verifier or authoriser. Pending
maker's action (delete or edit), then resubmit the transaction.
Deleted Maker deleted the transaction when it was still in Saved status or after it has been rejected
by the authoriser or it has been recalled or returned to the maker for resubmission (see
explaination for 'Resubmission needed' status
Resubmission needed  Transaction has been submitted by maker, but the authorisation policy was changed before the
transaction was authorised. Pending for msker's action to edit and re-submit the transaction to
the correct authoriser based on the revised authorisation policy.

Giro

Status What it means
Pending clearance All GIRO transaction items have been pre-processed and accepted.
Partially Rejected All GIRO transaction items have been pre-processed and partially rejected. Some of
the items in the batch are invalid. Bank will continue to process the valid items.
Rejected All GIRO transaction items have been pre-processed and rejected.
The transactions will not be processed any further.
Partially Successful All GIRO transaction items have been post processed and partially accepted. Some of 
the items during processing turn out to be invalid and failed to be processed.

Available online payment modes

Cashier’s order

A cashier’s order is a local currency cheque issued by the Bank on behalf of the applicant and made payable to the payee indicated on the cashier’s order.

 

Draft

A draft is a cheque issued by the Bank on behalf of the applicant and made payable to the payee indicated on the draft. This is normally used for overseas transactions in a foreign currency.

 

Transfer to another OCBC account

Transfer of funds from your OCBC account to another OCBC account.

 

Transfer to own account

Tansfer of funds between your OCBC accounts. Such accounts must be subscribed to Velocity@ocbc.

 

MEPS payment

A MEPS payment is a Singapore dollar transaction, from one account to another, between banks in Singapore. This is typically used for high-value transactions on an urgent basis.

 

GIRO payment

A GIRO payment is a Singapore dollar payment to your beneficiary who has an account with any bank in Singapore. This is typically used for low-value payments.

 

Payroll

A GIRO payment is a special form of GIRO payment to your employees, whose payroll information is kept separate from the other GIRO payments in Velocity@ocbc.

 

Management payroll

A GIRO Management Payroll is a special form of GIRO payment to your managerial employees, should you wish to segregate their payroll information from the other employees in Velocity@ocbc.

 

Funds collection

GIRO Funds collection is used to collect funds from your customer who has an account with any bank in Singapore. (Customer must have signed a Direct Debit Authorisation form before transaction can take effect).

 

Telegraphic transfer

A telegraphic transfer is a transfer of funds to your beneficiary who has an account with either a bank overseas or locally. This is typically used for high-value payments, either in Singapore dollar or a foreign currency.

 

Stop cheque payment

The stop cheque function allows you to instruct the bank to stop single / multiple corporate cheque(s) which run in consecutive sequence issued to a beneficiary.

 

Bill payment

The bill payment function can be used to pay your company’s bills to selected billing organisations (BOs), for example, to pay for utilities and mobile bills.

Glossary of terms

(CO) - Cashier’s order

(DD) - Demand draft

(IFT) - Internal fund transfer

(MEPS) - MAS electronic payment system

(TT) - Telegraphic transfer

Manage recurring payments

If you are paying the same supplier or beneficiary regularly, with varying amounts each time, you may consider using “Transaction Templates”. “Transaction Templates” will certainly save you time from having to enter the same information over and over again.

A 'Transaction Template' allows information such as payee name, account number, bank and branch codes to be entered and saved for repeated use. When you are ready to pay, pull out this “Transaction Template” and provide just the payment amount and value date to create the new payment for this payee.

There are three ways to create a Transaction Template

A. Template creation from the Transaction Confirmation  Page 

Using GIRO payment as an example

a) Maker to login and select “Transactions”

b) Select “make a transfer to a bank locally'

c) Proceed to complete the information in the relevant fields

d) To submit this GIRO payment for authorisation, click 'Submit'. You may create a template from GIRO batch transaction confirmation page

e) Select 'Save as a template' checkbox

f) Fill in template name. This will help identify the transaction template when you use it for an actual payment

g) Click 'Submit' hyperlink on the right


B. Template creation from the Transaction Status Detail  Page 


a) Maker to login and select Transaction Status


b) Click on 'Transaction Type' hyperlink

c) Select 'Save as a template' checkbox

d) Fill in template name. This will help identify the transaction template when you use it for an actual payment

e) Click Submit hyperlink on the right


C. Template creation from Transaction Maintenance


a) Maker to login and select “Tools”


b) Select “transaction templates'

c) Click ''Add New Template''

d) Select 'Transaction Type'

e) Enter 'Template Name'. This will help identify the transaction template when you use it for an actual payment

f) Enter the beneficiary payment details in the respective fields. Beneficiary Bank, Branch Code, Beneficiary Account no. and Beneficiary Name are essential information

g) If you wish to prevent changes to any fields in the transaction template, you can set 'Read-only' or 'lock' the field. Click on lock icon that appears besides the field name. Template will change to 'Read-only' format signified by a red colour lock icon. You can create a template for GIRO batch transaction, If required, click Add New Item hyperlink. Once you have completed entering all payment details, click Submit.


Use/Transact with a “template”:

There are two ways to use/transact with a transaction template

A. Use a template from the transaction creation page

a) Maker to login and select “Transactions''

b) Select the transaction you wish to make, for example 'Transfer to an OCBC account'

c) Select “Load Template” hyperlink at the top right corner of the screen. The last 10 most updated Internal Fund Transfer templates will be displayed

d) Click on the radio button beside the required template name and click on 'Load'

e) The template details will be auto-populated into the transaction creation page

f) Edit the details of the items that are not 'Read-only' fields

g) Enter information such as 'Amount' and 'Value Date'

h) After making sure all information are correct, click Save or Submit

Once the transaction is submitted for Authorisation, its status will change to Pending Authorisation

Note : For Standard Service Package users (ie. the Maker and the Authoriser is the same user), users will preview and check the transaction before clicking on Submit

B. Template creation from the transaction template page


a) Maker to login and select “Tools''

b) Select the ''transaction template''

c) Click on the Template Name hyperlink which you wish to use for payment


d) Click 'Use this template to create a transaction' hyperlink at the top right corner of the screen

e) Edit the details of the items that are not 'Read-only' fields

f) Enter information such as 'Amount' and 'Value Date'

g) After making sure all information are correct, click Save or Submit

Once the transaction is submitted for Authorisation, its status will change to Pending Authorisation. Authorisation must be done prior to the GIRO cut-off time, at least one day before the Value Date.

eGiro Bank / Branch list

Please click here for the latest eGIRO Bank/ Branch list.

Velocity@ocbc training schedule/registration

All Velocity@ocbc customers are welcome to attend this complimentary training session to understand the basics of using Velocity@ocbc for cash management transactions.

Participants will be trained in making payments, collections, as well as, accessing various bank statements and reports on corporate accounts and transactions.

Time: 9.30am to 12.30pm

Payments training: Wednesdays (except public holidays)

Registration details in the course registration form.