On 28 July 2025, the Association of Banks in Singapore (“ABS“) launched two new electronic payment solutions – electronic deferred payment (“EDP“) and EDP+ – to support the transition from cheques to e-payments. These solutions address the use cases of deferred payments in place of cheques and complement Singapore’s existing suite of e-payment solutions, including PayNow, FAST, GIRO and MEPS+. Examples of use cases of deferred payments include supplier payments and deposits for project tenders, and rental payments and balloting/purchase options for properties.
The rollout is in partnership with seven Domestic Systemically Important Banks (D-SIBs): Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered, and UOB. These banks will progressively offer EDP and EDP+ to facilitate deferred payments currently facilitated by cheques.
Key Features
- EDP and EDP+ are accessible via the banks’ digital banking platforms that allow individuals and companies to make deferred payments and indicate an intent to pay, without the need for a physical cheque.
- Payers can transfer funds using a mobile number, NRIC/FIN, UEN, or bank account number.
- Both payer and payee will receive real-time updates on the status of the funds transfer, providing traceability and visibility of when and why a payment was made, from whom and to whom.
Comparison of EDP and EDP+
Key Differences
- Overview
- EDP: SGD fund transfers where: The effective payment date can be scheduled up to six months from the issuance date. The payee may present the EDP for payment on or after the effective date, within the six-month validity period. Funds are deducted from the payer’s account only upon the payee’s presentment of the EDP.
- EDP+: SGD fund transfers where: The effective date of payment is set to the next calendar day. The payee may present the EDP+ for payment on or after the effective date, within a six-month validity period. Funds are deducted immediately from the payer’s account upon the issuance of the EDP+.
- Suitability
- EDP: Deferred payments.
- EDP+: Deferred payments where both the payer and payee want greater assurance that the payer will have sufficient funds at the time of payment.
Key Similarities for EDP and EDP+
- Potential Use-cases
- Individuals: Balloting for/option for purchase of property; rental payments; deposits for purchases; and deposits for quotation of work.
- Companies: Balloting for/option for purchase of property; supplier payments; and deposits for project tenders.
- Payee Identifier
- Mobile number/NRIC/FIN/UEN/Bank account number.
- Receipt by Payee
- Deferred – Up to two working days upon presentment by payee.
- Transaction Limit
- No limit.
Fees for both solutions vary across banks.
More details on the e-payment solutions may be found here.
Corporate Cheque Phase-Out Timeline
Corporate cheque users must take note of the below cheque phase-out timeline. They are advised to clear cheques well before the 2027 deadline.
- From 1 January 2026: Banks will stop issuing new SGD corporate cheque books.
- From 1 January 2027: Banks will cease processing SGD corporate cheques.
For more information on the EDP solutions, and existing e-payment solutions, please visit www.abs.org.sg/e-payments.
Disclaimer
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