A Report by CYS Global Remit FinTech Development Unit
Singapore is undertaking a strategic overhaul of its payment systems with the launch of Electronic Deferred Payment (EDP) and EDP+ in mid-2025. Announced by the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS), these cutting-edge solutions aim to phase out corporate cheques by the end of 2026.
This shift offers flexibility through two innovative mechanisms: EDP retains the traditional post-dated payment setup, with funds deducted upon presentment by the payee, while EDP+ allows for immediate fund transfers, enhancing payment certainty.
Importantly, this initiative ensures inclusivity—retail and USD cheques, along with cashier's orders, will remain available to all customers. Additionally, seniors aged 60 and above as of December 31, 2025, will continue to enjoy waived cheque service fees.
Both payment options will integrate effortlessly with current digital banking systems and PayNow, making payee identification more efficient.
MAS and ABS are inviting public feedback on their consultation paper outlining the transition from cheques to e-payments, open until January 17, 2025. Stakeholders can view the detailed paper on the MAS website.
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