Monetary Authority of Singapore (trout) and Singapore Bankers Association (ABS) has announced the launch of two new electronic payment solutions in mid-2025.
Electronic deferred payment (EDP) and EDP+ solutions offer businesses and individuals a more convenient payment method while phasing out the use of checks.
The solution was developed in collaboration with all domestic systemically important banks (D-SIBs): Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank and UOB.
EDP supports deferred payments and deducts funds from the payer’s account upon presentation by the recipient.
EDP+, on the other hand, provides greater certainty of payment as funds are deducted immediately after issuance.
Both solutions are accessible through digital banking platforms and integrate with PayNow for seamless beneficiary identification.
MAS urges businesses to prepare for the transition and implement these solutions as soon as they become available.
The deadline for halting corporate check processing has been extended by one year to the end of 2026 to allow enough time for adjustments.
Banks will stop issuing new corporate checkbooks by December 2025, but existing checks can be processed until the extended deadline.
Individuals and businesses can continue to accept retail checks, cashier’s orders, and U.S. dollar checks.
Seniors age 60 and older as of December 31, 2025 will continue to be exempt from check service fees at major retail banks.
A public consultation report has been submitted releaseddetails the transition plan from checks to electronic payments and addresses the needs of businesses and individuals.
It also outlines proposed initiatives to ease the transition. The public has until January 17, 2025 to provide feedback.
Featured image credit: Edited from freepic
