The Association of Banks in Singapore (ABS) has launched two new electronic payment solutions, EDP and EDP+, to help businesses and individuals move away from cheques ahead of the planned phase-out.
The launch follows a joint announcement by ABS and the Monetary Authority of Singapore in December 2024, which outlined the introduction of these solutions in mid-2025 and an extension of the deadline for phasing out corporate cheques.
The new solutions are being rolled out progressively in partnership with seven Domestic Systemically Important Banks: Citibank Singapore, DBS, HSBC, Maybank, OCBC, Standard Chartered, and UOB.
EDP and EDP+ aim to replace the deferred payment function traditionally served by cheques.
They are available through banks’ digital platforms and allow users to initiate payments using a mobile number, NRIC/FIN, UEN, or bank account number.
These solutions provide real-time updates for both payers and recipients, enabling greater visibility and traceability of transactions.
They are intended for use in payments such as supplier invoices, deposits for project tenders, rental transactions, and property-related payments including balloting or purchase options.
With EDP, funds are deducted only when the payee requests payment. EDP+, on the other hand, deducts funds immediately upon issuance, ensuring the amount is secured and unavailable for other use. This offers greater assurance to recipients.
The new services complement Singapore’s existing e-payment ecosystem, which includes PayNow, FAST, GIRO, and MEPS+.
ABS has encouraged cheque users to adopt these digital options ahead of the planned deadlines.
From 1 January 2026, banks will stop issuing new SGD corporate cheque books.
From 1 January 2027, they will stop processing SGD corporate cheques.
Cheque payees are advised to present cheques well before this deadline to ensure processing..
Featured image: Edited by Fintech News Singapore, based on image by Kiwistocks via Freepik
