To give companies enough time to adopt new e-payment methods, the deadline to cease corporate cheques is extended to end-2026. Retail cheques will still remain available. — The Straits Times
SINGAPORE: Users of retail and corporate cheques will have two new electronic payment methods as part of Singapore’s move to phase out cheques.
From mid-2025, they can use electronic deferred payment system EDP and EDP+ to do so, the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) said on Dec 5.
EDP and EDP+ will be available via the digital banking platforms of seven banks, namely DBS Bank, OCBC Singapore, UOB, Citibank, HSBC, Maybank, and Standard Chartered Bank.
The main difference between EDP and EDP+ lies in when funds are deducted from the payer’s account. For EDP, funds are deducted upon presentment by the payee, while for EDP+, funds are deducted immediately upon issuance.
MAS and ABS said EDP will address the need for deferred payments – done by way of post-dated cheques today. EDP+ is a variation of EDP that provides greater certainty of payment – like cashier’s orders do now.
The new e-payment methods will complement Singapore’s existing suite of e-payment modes, including PayNow, Fast, Giro and MEPS+. They will tap on PayNow to allow payers to conveniently identify payees when making payments. — The Straits Times/ANN
