MAS to launch electronic deferred payment solutions in mid-2025

It will help support the transition to e-payments.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) will launch two new payment solutions in mid-2025 to support the transition to e-payments for both corporate and retail cheque users.     

ABS, in partnership with the Domestic Systemically Important Banks (D-SIBs), will be launching the new EDP and EDP+ solutions in mid-2025 to address the use cases of post-dated payments and transactions requiring greater certainty of payment respectively. Both EDP and EDP+ will be accessible via digital banking platforms, and will leverage PayNow to allow payers to identify payees conveniently when making payments via either solution.

MAS encourages all cheque users to adopt these e-payment alternatives once they are made available.

To allow corporates sufficient time to adopt these new solutions, MAS and ABS have also announced a one-year extension of the deadline to cease processing of corporate cheques. Corporate cheque payees should present their cheques for clearing well before 31 December 2026, to ensure that their cheques can be processed before the deadline.

Cheque transactions have declined by almost 70% between 2016 to 2022.