Instant fund transfer service for Singapore businesses
26 July 2018
Business and corporate account customers of seven major banks in Singapore will soon be able to make transactions and receive funds instantaneously following the launch of a new service by the country’s banking association.
The “PayNow Corporate” service means that from August 13, business and corporate account customers of seven banks – Citibank; DBS Bank/POSB; HSBC; Maybank; OCBC Bank; Standard Chartered Bank and United Overseas Bank – will be able to pay and receive Singapore Dollar funds instantaneously.
The scheme, which is run by the Association of Banks in Singapore (ABS), makes such banking transactions more seamless as there is no need to refer to the bank and account number of the businesses being paid or making payment. Instead, all that is needed to make such banking transactions is to link the businesses or corporate entity’s Unique Entity Number (“UEN”) to their Singapore bank accounts. A UEN is typically the registration number assigned to all businesses and corporate entities registered in Singapore.
Last year, the ABS launched “PayNow” for individuals. Announcing the new service, Ong-Ang Ai Boon, the director of the ABS said that more than a million people in Singapore had used “PayNow” since it was launched in July 2017 and in total, have moved more than S$900 million ($660 million). She added: “With the launch of “PayNow Corporate”, both businesses and retail customers can enjoy the same convenience of a simpler way to transfer funds, 24/7, 365 days a year”.
Lisa Tan, Executive Director, Head of Corporate Services for ZEDRA in Singapore said: “This new peer-to-peer payment service demonstrates yet again how Singapore is at the forefront of banking technology. Instantaneous transfer of funds is invaluable for businesses and individuals and will undoubtedly help corporates in Singapore”.