MAS Central bank and regulator. Owns and runs MEPS+, and is the settlement institution for FAST, GIRO and SGD cheques.
Prying Power & Control
Who owns and runs PayNow, FAST, GIRO and NETS in Singapore?
Singapore's everyday payments run on a short list of names. FAST, GIRO, PayNow, SGQR and NETS. What sounds like separate systems are owned by a handful of organizations that set the rules and run them. Here is who they are, what each is responsible for, and how everyday payments run through them.
Who sits behind the systems
The banks that send payments over these rails also own the company that runs them. MAS sits at both ends, chairing the clearing house association that writes the rules for FAST, GIRO and cheques, and holding the accounts where they settle.
MAS Clearing house association. Administers FAST, GIRO and cheques. Members are banks and non-bank payment institutions.
ABS Represents 150-plus banks. Owns PayNow and administers eGIRO and EDP.
QR label standard. The central repository is run by BCS.
IMDA Infocomm and media regulator. Co-led the 2018 task force that built SGQR with MAS.
Planned (end-2026) Set up by MAS and ABS to put the national schemes under one administrator.
Clearing house operator. Runs the ACH for FAST, GIRO and cheques, and runs PayNow.
Payment network. Runs EFTPOS and QR. Signed to acquire for Visa and Mastercard (2023).
Three largest banks, per NETS. DBS held 33.33% (FY2010 report). OCBC held 33.3% (2017 filing).
MAS, MEPS+ Real-time gross settlement system. Settlement institution for FAST, GIRO and SGD cheques.
Settlement bank. One of three settlement institutions in the MAS directory.
Settlement bank for NETS EFTPOS.
- MAS chairs SCHA.
- MAS and IMDA co-own SGQR.
- MAS is a member of SPaN and holds two of its 11 board seats.
- SPaN is meant to take over administration of the national payment schemes from SCHA and ABS, and of SGQR.
- SCHA appoints the clearing operator, BCS.
- ABS owns PayNow and BCS operates it.
- NETS owns BCS outright.
- DBS, OCBC and UOB equally own NETS, per NETS.
- BCS sends net files to MEPS+, where MAS settles them.
- US dollar cheque net files go to Citibank, the settlement bank for that system, per the 2007 designation order.
- NETS passes net amounts to DBS, the settlement bank.
central bank and regulator
MAS
MAS is Singapore’s central bank and financial regulator. The 2011 Red Book gives it three roles in payments, settlement agent for banks, operator of MEPS+ and overseer of payment, clearing and settlement systems, with safety and efficiency as its aims.
On the map
- MAS chairs SCHA.
- MAS co-owns SGQR with IMDA.
- MAS is a member of SPaN and holds two of its 11 board seats.
What to know
- Under the Payment Services Act, MAS designates payment systems. MEPS+ is systemically important, and FAST, Interbank GIRO, cheque clearing and NETS EFTPOS are system-wide important.
- The Payments Council, an industry coordination body of banks, payment providers, businesses and trade associations, was set up by MAS in 2017.
- It set up SPaN with ABS in June 2025.
clearing house association
SCHA
SCHA is the Singapore Clearing House Association. Banks join in one of two ways. Ordinary members take part in the SGD cheque system directly, and associate members take part indirectly through a clearing agent.
On the map
- MAS chairs SCHA.
- SPaN is meant to take over administration from SCHA.
- SCHA appoints the clearing operator, BCS.
What to know
- SCHA was formed in December 1980 to establish, manage and administer clearing services and facilities for the cheque, debit and credit items of its members.
- Three clearing systems run under it, SGD cheques, USD cheques and interbank GIRO, and Annex A lists FAST among the schemes SCHA administers.
- Its bye-laws and rules cover those systems, and SCHA arbitrates disputes between members over cheques and GIRO items.
represents the banks
ABS
ABS is the Association of Banks in Singapore. Established in 1973, it represents the interests of the banking community, which today means more than 150 local and foreign banks. It sets minimum standards of good practice and supports projects of mutual benefit.
On the map
- SPaN is meant to take over administration from ABS.
- ABS owns PayNow and BCS operates it.
What to know
- ABS holds regular discussions with MAS on industry issues and gives input on legislation and guidelines that affect the industry, including on payment and settlement systems.
- A sunsetting cheques workgroup of banks, formed by ABS, plans the move away from cheques.
- Cheque clearing went to images in July 2003 through CTS, an SCHA and ABS initiative described as the world’s first nationwide end-to-end cheque truncation system.
- Alongside MAS, ABS set up SPaN in June 2025.
QR label standard
SGQR
SGQR is one QR label that combines multiple payment schemes, so a merchant puts up a single code instead of a stack of them. The label only tells the customer’s app which schemes the merchant takes. The payment itself runs on whichever scheme the customer picks.
On the map
- MAS and IMDA co-own SGQR.
- SPaN is meant to take over administration of SGQR.
What to know
- MAS and IMDA introduced it in September 2018.
- BCS runs the SGQR Central Repository.
- The customer picks the scheme by the logo they scan for, such as the PayNow logo or their app’s logo on a NETS label, and each scheme then runs on its own rails.
infocomm and media authority
IMDA
IMDA is Singapore’s infocomm and media authority, with the mission to drive Singapore’s digital transformation with infocomm media.
On the map
- IMDA co-owns SGQR with MAS.
What to know
- IMDA co-led the industry task force that built SGQR with MAS, and SGQR is co-owned by the two.
- SGQR is a label a merchant displays to take several e-payment schemes, and MAS says it needs no terminal. That puts it in the digital economy that IMDA exists to build, more than in the bank-run rails.
- The Hawkers Go Digital programme is a multi-agency effort by Enterprise Singapore and the SG Digital Office, which sits under IMDA.
- In 2018 the Government rolled out a single QR code for stallholders to accept payments from 25 wallets and cards at a merchant discount rate of 0.5%.
- When the report was written, more than 11,500 stallholders were offering e-payments, and monthly transactions reached $60 million in August 2024.
Planned (end-2026)
SPaN
SPaN is the Singapore Payments Network, a new payments entity whose incorporation MAS and ABS announced in June 2025. They said it exists to consolidate the administration and governance of the national payment schemes and position them for the next stage of growth.
On the map
- MAS is a member of SPaN and holds two of its 11 board seats.
- SPaN is meant to take over administration of the national payment schemes from SCHA and ABS, and of SGQR.
What to know
- Its initial members are MAS and the seven domestic systemically important banks, and its board has 11 members.
- Operational readiness by end-2026 is the target, and SPaN’s own site says set-up is in progress.
- Those schemes are administered separately today. Annex A lists them, FAST, Interbank GIRO and SGD and USD cheques with SCHA, PayNow, eGIRO and EDP with ABS, and SGQR with MAS and IMDA.
Not in the public record What SPaN will change in practice for each scheme is not stated in the documents read.
clearing house operator
BCS
BCS is Banking Computer Services, the operator behind Singapore’s national clearing and payment infrastructure. It also built and operates, with Thailand’s ITMX, the PayNow-PromptPay link.
On the map
- SCHA appoints the clearing operator, BCS.
- ABS owns PayNow and BCS operates it.
- NETS owns BCS outright.
- BCS sends net files to MEPS+, where MAS settles them.
- US dollar cheque net files go to Citibank, the settlement bank for that system, per the 2007 designation order.
What to know
- FAST, Interbank GIRO, eGIRO, cheque clearing, PayNow and the SGQR repository all run on BCS’s infrastructure.
- BCS operates the automated clearing house, SACH, which in 2011 prepared the settlement files sent to MEPS+.
- OCBC sold it to NETS for S$38 million, announced in April 2017.
payment network
NETS
NETS is the payment network and acquirer behind NETS EFTPOS and NETS QR. It opened in 1985, and says it has more than 150,000 acceptance points in Singapore and 39,000 merchant partners.
On the map
- NETS owns BCS outright.
- DBS, OCBC and UOB equally own NETS, per NETS.
- NETS passes net amounts to DBS, the settlement bank.
What to know
- NETS Group is NETS, BCS and NETS Solutions.
- In 2018, NETS was appointed master acquirer for the Hawkers Go Digital programme.
- In the November 2023 SGQR+ trial, NETS ran one of two tracks as the only acquirer. Liquid Group ran the other, a switch between the institutions serving merchants and consumers.
NETS owner banks
DBS, OCBC and UOB
DBS, OCBC and UOB are Singapore’s three largest banks, per NETS, and all three are among the seven domestic systemically important banks.
On the map
- DBS, OCBC and UOB equally own NETS, per NETS.
What to know
- DBS reported owning 33.33% of NETS in its 2010 annual report, and OCBC’s 2017 filing says it held 33.3%. UOB gives no figure in the statements read.
- NETS’s board has two directors each from DBS, OCBC and UOB, three independent directors and the group chief executive.
Not in the public record UOB’s share of NETS is not stated in the documents read.
Real-time gross settlement
MEPS+
MEPS+ is MAS’s real-time gross settlement system. It settles large-value, time-critical interbank Singapore dollar payments one by one.
On the map
- BCS sends net files to MEPS+, where MAS settles them.
What to know
- Transfers are real-time and irrevocable. In 2011 it settled payments from 9:00 to 19:00 on weekdays, funded from banks’ current accounts at MAS.
- The cash leg of Singapore Government Securities trades settles here too.
- Participants can draw intraday liquidity from MAS against collateral. There were 63 participating banks at the end of 2009.
US national bank
Citibank N.A.
Citibank N.A. is a US national bank. It has been in Singapore since 1902, when the International Banking Corporation opened its first premises at Prince Street, and its Singapore branch has held a Qualifying Full Bank licence from MAS since 1999.
On the map
- US dollar cheque net files go to Citibank, the settlement bank for that system, per the 2007 designation order.
What to know
- Two Citi entities operate in Singapore. The branch of Citibank N.A. holds the 1999 licence, and Citibank Singapore Limited was incorporated locally in 2003 and has operated under a full banking licence since 2005.
- Citi describes itself as a full-service bank for consumers, corporations, governments and institutions in Singapore, and as a significant hub where regional and global client coverage and product teams are based.
- The locally incorporated entity, listed as Citibank Singapore, is one of the seven domestic systemically important banks. Citi says MAS identified it as one in 2015. The branch that settles USD cheques is the other entity.
- In May 2010 the settlement method for USD cheques changed from an aggregated gross basis to a netted basis, which saved liquidity and lowered banks’ exposure to the settlement bank.
- Citibank is one of three settlement institutions in MAS’s directory, alongside DBS and MAS.
Singapore bank
DBS
DBS is a Singapore bank that describes itself as the country’s leading consumer bank, financing Singapore’s growth since 1968.
On the map
What to know
- MAS’s designation order for NETS EFTPOS is dated 11 August 2011, and MAS’s directory lists DBS Bank as the settlement institution today.
- DBS is one of NETS’s three owner banks.
- Among the seven domestic systemically important banks, DBS is also one of the initial members of SPaN.
- A personal PayNow or FAST transfer costs $0 at DBS.
Roles by scheme and institution
These schemes look alike to a user, but they sit under different kinds of owner. PayNow belongs to the banks' association, FAST and GIRO answer to a clearing house the central bank chairs, SGQR is co-owned by two government bodies, and NETS is owned by three banks.
| Program | Note | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Schemes and labels what you pay with or scan | |||||||||
| Follows the scheme used. BCS runs the central repository. | |||||||||
| Runs and settles as GIRO. | |||||||||
| No settlement of its own. Debits move over GIRO. | |||||||||
| How the issuing bank’s payment reaches NETS is not published. | |||||||||
| Rails how the instruction travels | |||||||||
| Clearing and settlement where banks net and square up | |||||||||
| Net files go to MEPS+. | |||||||||
| Foreign-owned layer outside the Singapore designations | |||||||||
| Owned outside Singapore. Their own rulebooks set requirements for Singapore issuers and acquirers, including for SGQR, and NETS signed in 2023 to acquire for both. | Not on MAS’s list of designated systems. SGD settlement banks are not published. | ||||||||
MAS and SGQR
MAS co-owns SGQR with IMDA.
IMDA and SGQR
IMDA co-owns SGQR with MAS.
BCS and SGQR
BCS runs the SGQR repository.
MAS and PayNow
MAS settles PayNow.
ABS and PayNow
ABS owns PayNow.
BCS and PayNow
BCS runs PayNow.
ABS and EDP and EDP+
ABS sets the rules for EDP and EDP+.
ABS and eGIRO
ABS sets the rules for eGIRO.
BCS and eGIRO
BCS runs eGIRO.
DBS and NETS EFTPOS
DBS settles NETS EFTPOS.
MAS and FAST
MAS settles FAST.
SCHA and FAST
SCHA sets the rules for FAST.
BCS and FAST
BCS runs FAST.
MAS and Interbank GIRO
MAS settles Interbank GIRO.
SCHA and Interbank GIRO
SCHA sets the rules for Interbank GIRO.
BCS and Interbank GIRO
BCS runs Interbank GIRO.
MAS and Cheques, SGD and USD
MAS settles SGD cheque clearing.
SCHA and Cheques, SGD and USD
SCHA sets the rules for cheque clearing.
BCS and Cheques, SGD and USD
BCS runs cheque clearing.
Citibank N.A. and Cheques, SGD and USD
Citibank N.A. settles USD cheque clearing.
SCHA and Clearing house (ACH)
SCHA sets the rules for the clearing house.
BCS and Clearing house (ACH)
BCS runs the clearing house.
Schemes and labels, QR label standard
SGQR
SGQR is one QR label that combines multiple payment schemes, so a merchant puts up a single code instead of a stack of them. The label only tells the customer’s app which schemes the merchant takes. The payment itself runs on whichever scheme the customer picks.
Who does what
- MAS Co-owns
- IMDA Co-owns
- BCS Runs
What to know
- MAS and IMDA introduced it in September 2018.
- BCS runs the SGQR Central Repository.
- The customer picks the scheme by the logo they scan for, such as the PayNow logo or their app’s logo on a NETS label, and each scheme then runs on its own rails.
Schemes and labels, proxy addressing
PayNow
PayNow is a proxy addressing service. A payer enters a mobile number, an NRIC or FIN, or a company’s UEN instead of an account number, PayNow finds the account, and the payment then goes over FAST or GIRO.
Who does what
- ABS Owns
- BCS Runs
- MAS Settles
What to know
- PayNow launched on 10 July 2017 for participating banks and on 8 February 2021 for participating major payment institutions.
- Retail customers pay nothing to use it, and entities are prohibited from adding a surcharge for PayNow payments.
- The PayNow QR is built into SGQR. A scan pays the merchant’s PayNow ID, which for a business is its UEN, as a FAST credit transfer, and the merchant receives the funds instantly.
- MAS and ABS announced a PayNow Generation 2 study on 25 June 2026, with four possible areas of enhancement.
Not in the public record Which body runs the proxy directory lookup is not stated in the documents read.
Schemes and labels, deferred payments
EDP and EDP+
EDP is an electronic deferred payment, built to replace the post-dated cheque. EDP+ is the version built to replace the cashier’s order. ABS launched both on 28 July 2025.
Who does what
- ABS Sets the rules
What to know
- Banks make them available progressively through their digital banking platforms, starting with the seven domestic systemically important banks, Citibank Singapore, DBS, HSBC, Maybank, OCBC Singapore, Standard Chartered and UOB.
- The difference is when the money leaves the payer. EDP deducts funds only when the payee requests payment, and EDP+ deducts them immediately on issuance, which gives the payee more assurance.
- A payer can send to a mobile number, NRIC or FIN, UEN or bank account number, and both sides get real-time updates on the status of the payment.
- ABS’s examples of use are supplier payments, deposits for project tenders, and rental payments and balloting or option purchases for property.
- Like the cheques they replace, they are valid for six months from the effective date.
- MAS says EDP is not an electronic cheque, so the Bills of Exchange Act does not apply to it. A payee of a failed EDP relies on the claim under the underlying business transaction.
Schemes and labels, direct debit set-up
eGIRO
eGIRO is the digital way to set up a GIRO arrangement. It has no settlement of its own, and the money moves later over GIRO.
Who does what
- ABS Sets the rules
- BCS Runs
What to know
- Paper GIRO applications took an average of three weeks to set up an auto deduction. ABS and eight major banks built eGIRO to cut that to minutes for a typical consumer.
- A direct debit is an arrangement where a customer lets a billing organization debit a designated account for regular bills such as utilities and insurance premiums.
Schemes and labels, QR payment scheme
NETS QR
NETS QR lets a customer pay a merchant by scanning an SGQR label with a bank or wallet app. NETS signs the merchant and handles the payment as its acquirer.
Who does what
- NETS Owns Runs
What to know
- In the NETS track of the November 2023 SGQR+ trial, the paying app asked NETS to confirm the merchant and fetch its name, the customer entered the amount and confirmed, the app told NETS the payment was made, and NETS notified the merchant on its NETSBiz app.
- NETS was the only acquirer on that track. The report says it takes responsibility for onboarding, settlement and reconciliation.
- Issuers that already read the NETS QR payload needed no extra integration for the trial.
- UOB lists SGQR through NETS at 0.8%, or 0.5% for food and beverage on its label plan, with next-day settlement.
- MAS and ABS aim to pilot interoperability between PayNow and NETS QR by end-2026.
Not in the public record How the paying bank’s funds reach NETS, and which bank settles them, are not described in the documents read.
Schemes and labels, debit card scheme
NETS EFTPOS
NETS EFTPOS is the national debit scheme. A customer pays at a terminal with a bank card and PIN, the issuing bank checks and debits the account, and the sale is final once the bank approves.
Who does what
- NETS Owns Runs
- DBS Settles
What to know
- NETS is also the processor and the acquirer. It introduced the service in 1986.
- In the 2011 description, the network settles the net debit and credit positions of the participating banks through the settlement bank at the end of the day.
- Since 2005, China UnionPay debit cards have also worked at NETS EFTPOS terminals.
- UOB prices NETS debit at 0.8% for a merchant.
Not in the public record The current message flow and netting method are described only in a 2011 document. The year NETS EFTPOS was designated is also unclear, since MAS’s 2018 reply says 2010 and the order is dated 11 August 2011.
Rails, instant transfers
FAST
FAST moves Singapore dollars between accounts at banks and non-bank institutions, instantly and around the clock. The payee is credited at once, and the banks settle with each other later.
Who does what
- SCHA Sets the rules
- BCS Runs
- MAS Settles
What to know
- FAST launched on 17 March 2014.
- Each transaction is capped at S$200,000.
- MAS said in 2018 that customers receive funds immediately while participants settle with each other twice a day on weekdays. That leaves a window in which a bank has paid out before it is paid, and participants provide collateral to the designated system to cover it.
Not in the public record MAS’s settlement-cycle figure dates from 2018. The current number of cycles a day is not confirmed.
Rails, batch transfers
Interbank GIRO
Interbank GIRO is the batch rail for credit transfers and direct debits between banks. Limits are high and it suits bulk payments, but it is not instant.
Who does what
- SCHA Sets the rules
- BCS Runs
- MAS Settles
What to know
- GIRO was set up in 1984 as an electronic direct debit mechanism, a tripartite arrangement between billing organizations, customers and the bank.
- MAS says funds can take up to three working days to reach the receiving account, and that transaction limits are high enough for most use cases.
- In 2011 the clearing house sent the net settlement amounts to MEPS+ at the end of the day.
- Other schemes ride on it. PayNow can send a payment over GIRO instead of FAST, and EDP and EDP+ use GIRO as their underlying rail.
Rails, cleared as images
Cheques, SGD and USD
Cheques clear as images in Singapore, so the paper never travels between banks. SGD and USD cheques have separate clearing systems and settle in different places.
Who does what
- SCHA Sets the rules
- BCS Runs
- MAS Settles SGD
- Citibank N.A. Settles USD
What to know
- SGD cheque volumes fell about 80%, from 61 million in 2016 to under 14 million in 2023. USD cheques fell 64%, from 0.85 million to 0.31 million.
- Falling volumes raise the cost of each cheque. Industry projections in MAS’s December 2024 paper put interbank clearing at over $20 a cheque by 2031.
- Banks stop issuing new SGD corporate cheque books from 1 January 2026 and stop processing SGD corporate cheques from 1 January 2027. SGD retail cheques, USD cheques and cashier’s orders stay, on a new cloud system called CTS Lite, scheduled in MAS’s December 2024 paper for early 2027.
- USD cheques stay because the alternatives, such as telegraphic transfers, still cost more.
Clearing and settlement, netting house
Clearing house (ACH)
The automated clearing house is where banks’ FAST, GIRO and cheque items are added up and netted, so banks settle one net figure instead of every payment.
Who does what
- SCHA Sets the rules
- BCS Runs
What to know
- In 2011 the clearing ran through the Singapore Automated Clearing House, SACH, operated by BCS.
- SACH prepares the settlement files and sends them to MEPS+ electronically at set times. For USD cheques it sends the file to Citibank each working day.
Clearing and settlement, real-time settlement
MEPS+
MEPS+ is MAS’s real-time gross settlement system. It settles large-value, time-critical interbank Singapore dollar payments one by one.
Who does what
- MAS Owns Runs Settles
What to know
- The net files from FAST, GIRO and SGD cheques settle here.
- Transfers are real-time and irrevocable. In 2011 it settled payments from 9:00 to 19:00 on weekdays, funded from banks’ current accounts at MAS.
- The cash leg of Singapore Government Securities trades settles here too.
- Participants can draw intraday liquidity from MAS against collateral. There were 63 participating banks at the end of 2009.
Foreign-owned layer, global card networks
Visa and Mastercard
Visa and Mastercard run global card networks under their own rulebooks. In Singapore they work through acquirers and issuers, and neither is on MAS’s list of designated payment systems.
What to know
- NETS signed agreements in March 2023 to acquire merchants directly for both schemes.
- Their rulebooks reach SGQR. Visa requires an acquirer that supports SGQR to take part in Visa Scan to Pay, and an issuer whose mobile payment device supports SGQR to take part as a sending member. Mastercard requires an acquirer that offers SGQR to a Singapore merchant to take part in Merchant-presented QR, and an issuer whose app scans SGQR to do the same.
- Settlement runs through banks the members choose. Visa’s rules define a settlement bank as a bank in the country of the member’s settlement currency, and Mastercard’s rulebook refers settlement detail to a Settlement Manual that is not in the public text. Neither rulebook names a Singapore dollar settlement bank.
- The merchant fee includes interchange set by the schemes. MAS said in 2021 that it saw no need to require disclosure of it.
- The settlement leg between banks and the card schemes, and where stablecoins now sit in it, is traced in How stablecoins are entering card payments, from settlement to credit.
Not in the public record The Singapore dollar settlement banks for each scheme are not published.
central bank and regulator
MAS
MAS is Singapore’s central bank and financial regulator. The 2011 Red Book gives it three roles in payments, settlement agent for banks, operator of MEPS+ and overseer of payment, clearing and settlement systems, with safety and efficiency as its aims.
Responsibilities
- Owns MEPS+ belongs to MAS. SGQR is co-owned with IMDA.
- Runs MAS operates MEPS+ day to day.
- Settles Settlement for PayNow, FAST, Interbank GIRO, SGD cheque clearing and MEPS+ runs through MAS.
What to know
- Under the Payment Services Act, MAS designates payment systems. MEPS+ is systemically important, and FAST, Interbank GIRO, cheque clearing and NETS EFTPOS are system-wide important.
- SCHA, which defines the clearing rules and appoints the clearing operator, is chaired by MAS.
- The Payments Council, an industry coordination body of banks, payment providers, businesses and trade associations, was set up by MAS in 2017.
- It set up SPaN with ABS in June 2025.
- Two of SPaN’s 11 board seats are MAS’s.
infocomm and media authority
IMDA
IMDA is Singapore’s infocomm and media authority, with the mission to drive Singapore’s digital transformation with infocomm media.
Responsibilities
- Co-owns SGQR is co-owned with MAS.
What to know
- IMDA co-led the industry task force that built SGQR with MAS, and SGQR is co-owned by the two.
- SGQR is a label a merchant displays to take several e-payment schemes, and MAS says it needs no terminal. That puts it in the digital economy that IMDA exists to build, more than in the bank-run rails.
- The Hawkers Go Digital programme is a multi-agency effort by Enterprise Singapore and the SG Digital Office, which sits under IMDA.
- In 2018 the Government rolled out a single QR code for stallholders to accept payments from 25 wallets and cards at a merchant discount rate of 0.5%.
- When the report was written, more than 11,500 stallholders were offering e-payments, and monthly transactions reached $60 million in August 2024.
represents the banks
ABS
ABS is the Association of Banks in Singapore. Established in 1973, it represents the interests of the banking community, which today means more than 150 local and foreign banks. It sets minimum standards of good practice and supports projects of mutual benefit.
Responsibilities
- Owns PayNow belongs to ABS.
- Sets the rules ABS administers EDP and EDP+ and eGIRO, so it writes the rules members follow.
What to know
- ABS holds regular discussions with MAS on industry issues and gives input on legislation and guidelines that affect the industry, including on payment and settlement systems.
- A sunsetting cheques workgroup of banks, formed by ABS, plans the move away from cheques.
- Cheque clearing went to images in July 2003 through CTS, an SCHA and ABS initiative described as the world’s first nationwide end-to-end cheque truncation system.
- Alongside MAS, ABS set up SPaN in June 2025.
clearing house association
SCHA
SCHA is the Singapore Clearing House Association. Banks join in one of two ways. Ordinary members take part in the SGD cheque system directly, and associate members take part indirectly through a clearing agent.
Responsibilities
- Sets the rules SCHA administers FAST, Interbank GIRO, cheque clearing and the clearing house, so it writes the rules members follow.
What to know
- SCHA was formed in December 1980 to establish, manage and administer clearing services and facilities for the cheque, debit and credit items of its members.
- Membership is open to financial institutions and MAS, and MAS chairs it.
- Three clearing systems run under it, SGD cheques, USD cheques and interbank GIRO, and Annex A lists FAST among the schemes SCHA administers.
- Its bye-laws and rules cover those systems, and SCHA arbitrates disputes between members over cheques and GIRO items.
- It appoints the clearing operator and makes sure it provides the services under SCHA’s rules.
- SPaN is meant to take over administration of the national schemes from their current administrators.
payment network
NETS
NETS is the payment network and acquirer behind NETS EFTPOS and NETS QR. It opened in 1985, and says it has more than 150,000 acceptance points in Singapore and 39,000 merchant partners.
Responsibilities
- Owns NETS QR and NETS EFTPOS belong to NETS.
- Runs NETS operates NETS QR and NETS EFTPOS day to day.
What to know
- NETS Group is NETS, BCS and NETS Solutions.
- NETS says it is equally owned by Singapore’s three largest banks.
- NETS owns BCS outright.
- In 2018, NETS was appointed master acquirer for the Hawkers Go Digital programme.
- In the November 2023 SGQR+ trial, NETS ran one of two tracks as the only acquirer. Liquid Group ran the other, a switch between the institutions serving merchants and consumers.
clearing house operator
BCS
BCS is Banking Computer Services, the operator behind Singapore’s national clearing and payment infrastructure. It also built and operates, with Thailand’s ITMX, the PayNow-PromptPay link.
Responsibilities
- Runs BCS operates the SGQR repository, PayNow, eGIRO, FAST, Interbank GIRO, cheque clearing and the clearing house day to day.
What to know
- FAST, Interbank GIRO, eGIRO, cheque clearing, PayNow and the SGQR repository all run on BCS’s infrastructure.
- BCS operates the automated clearing house, SACH, which in 2011 prepared the settlement files sent to MEPS+.
- BCS is wholly owned by NETS.
- OCBC sold it to NETS for S$38 million, announced in April 2017.
- BCS operates the rails and does not write their rules. SCHA administers FAST, GIRO and cheques, and ABS owns PayNow.
Singapore bank
DBS
DBS is a Singapore bank that describes itself as the country’s leading consumer bank, financing Singapore’s growth since 1968.
Responsibilities
- Settles Settlement for NETS EFTPOS runs through DBS.
What to know
- MAS’s designation order for NETS EFTPOS is dated 11 August 2011, and MAS’s directory lists DBS Bank as the settlement institution today.
- DBS is one of NETS’s three owner banks.
- Among the seven domestic systemically important banks, DBS is also one of the initial members of SPaN.
- A personal PayNow or FAST transfer costs $0 at DBS.
US national bank
Citibank N.A.
Citibank N.A. is a US national bank. It has been in Singapore since 1902, when the International Banking Corporation opened its first premises at Prince Street, and its Singapore branch has held a Qualifying Full Bank licence from MAS since 1999.
Responsibilities
- Settles Settlement for USD cheque clearing runs through Citibank N.A.
What to know
- Citibank is the settlement bank for Singapore’s US dollar cheque system, as the 2007 designation order and MAS’s directory show.
- Participating banks hold US dollar accounts at Citibank, and each working day the clearing house sends it a settlement file.
- Two Citi entities operate in Singapore. The branch of Citibank N.A. holds the 1999 licence, and Citibank Singapore Limited was incorporated locally in 2003 and has operated under a full banking licence since 2005.
- Citi describes itself as a full-service bank for consumers, corporations, governments and institutions in Singapore, and as a significant hub where regional and global client coverage and product teams are based.
- The locally incorporated entity, listed as Citibank Singapore, is one of the seven domestic systemically important banks. Citi says MAS identified it as one in 2015. The branch that settles USD cheques is the other entity.
- In May 2010 the settlement method for USD cheques changed from an aggregated gross basis to a netted basis, which saved liquidity and lowered banks’ exposure to the settlement bank.
- Citibank is one of three settlement institutions in MAS’s directory, alongside DBS and MAS.
Getting paid and settling are different things
Every payment here has two events, the payee getting the money and the banks settling with each other. The first can take seconds or days, depending on the rail. The second is when the banks square up, usually afterwards and in batches.
PayNow transfer, 1 of 8
PayNow transfer
S$85 to a friend at another bank, on a Saturday night.
You
Your bank
Proxy lookup Owned by ABS Run by BCS Clearing house Rules by SCHA Run by BCS Payee’s bank
Central bank Runs MEPS+ Settles net files Initiation you confirm, the payee is credited almost instantly
Mobile number, S$85
Looks up the account
Account and masked name
Shows the masked name
You confirm
Debits S$85 once you confirm
Shows the payment as sent
FAST instruction
Instruction
Credits the payee at once
Clearing
Nets the FAST payments
Settlement weekday net cycles
Net file
Pays its net debit
Pays its net credit
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Central bank
Every shared layer in this path is run by one operator, BCS, and the settlement institution is MAS itself. A PayNow payment can also go over GIRO instead of FAST. MAS said in 2018 that FAST banks settle twice a day on weekdays, and the current count is not confirmed.
What it costs
- A personal PayNow or FAST transfer costs the sender $0 at DBS.
- A merchant pays no receiving fee at the major retail banks, with a small fee for add-ons such as notifications.
- A corporate PayNow payment carries the bank’s FAST or GIRO fee, S$0.50 a payment on FAST at DBS.
Not in the public record Which body runs the PayNow proxy directory lookup is not stated in the documents read.
PayNow QR scan
S$12 at a stall, scanning its SGQR label with your bank app.
You
QR label Owned by MAS and IMDA Run by BCS Your bank
Clearing house Rules by SCHA Run by BCS Merchant’s bank
Central bank Runs MEPS+ Settles net files Initiation you confirm, the merchant is credited almost instantly
Scans the label
Merchant’s PayNow ID
Asks for the amount
Amount and confirm
Debits S$12 once you confirm
Shows the payment as sent
FAST instruction
Instruction
Credits the merchant at once
Clearing
Nets the FAST payments
Settlement weekday net cycles
Net file
Pays its net debit
Pays its net credit
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Central bank
The label is co-owned by MAS and IMDA and its repository is run by BCS. The payment settles at MAS itself, as any PayNow payment does. The payment itself is a PayNow transfer over FAST to the merchant’s PayNow ID, the same path as the PayNow transfer. MAS and ABS said on 25 June 2026 that they aim to pilot interoperability between PayNow and NETS QR by end-2026.
What it costs
- A merchant pays no receiving fee at the major retail banks, with a small fee for add-ons such as notifications.
- A merchant may not add a surcharge for paying by PayNow.
Not in the public record What the payer’s app shows before the payment, and how the merchant is told of it, depend on each bank and are not set out in the documents read.
NETS debit tap
A S$100 purchase at a terminal with a NETS bank card.
You
Merchant terminal
Payment network Runs NETS EFTPOS Your bank
Settlement bank Settles NETS EFTPOS Initiation authorization
Card and PIN, S$100
Transaction
Sent to your bank
Checks PIN and funds, debits now
Approved
Approved, the sale is final
Approved
Clearing
Nets each bank’s position
Settlement end of day, 2011 description
Net amounts
Debits or credits the banks
Merchant credited next day on UOB’s plan
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Settlement bank
DBS reported owning 33.33% of NETS in its 2010 annual report. NETS says today that it is equally owned by Singapore’s three largest banks.
What it costs
- The merchant pays 0.8% on NETS debit, so S$0.80 on a S$100 sale, up to 2.99% on credit cards, plus S$38 a month for the terminal plan, on UOB’s NETS plan.
Not in the public record The flow above is the 2011 description, the latest public one. In it, member banks fund their accounts at the settlement bank through MEPS+. No current document describes today’s message flow, how NETS nets each bank’s position, or which party credits the merchant.
NETS QR scan
S$12 at a stall that takes NETS QR, scanning its SGQR label with a bank or wallet app.
You
QR label Owned by MAS and IMDA Run by BCS Your bank or wallet
Payment network Runs NETS QR Merchant
Initiation authorization
Scans the label, NETS logo
NETS payload
Checks the merchant
Merchant name
Shows the merchant
Amount and confirm
Authorizes the payment
Tells NETS it is paid
Notifies on the NETSBiz app
Clearing
Netting method not published
Settlement next day on UOB’s plan
Funds move, route not published
Settles with the merchant
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Not published
NETS takes responsibility for settlement as the acquirer, but no document read names a settlement bank for this leg. The messages are from the NETS track of the SGQR+ trial in November 2023. The report says issuers that already read the NETS QR payload needed no change.
What it costs
- The merchant pays 0.8% on SGQR at UOB, so S$0.80 on a S$100 sale, or 0.5% for food and beverage on its simplyNETS Lite label plan.
Not in the public record How the paying bank’s funds reach NETS, and which bank settles them, are not described in the documents read.
GIRO salary credit
An employer pays its staff in one file.
Employer
Employer’s bank
Clearing house Rules by SCHA Run by BCS Staff bank
Employee
Central bank Runs MEPS+ Settles net files Initiation salary file submitted
Salary file, one line per employee
GIRO credit file
Clearing not instant, up to three working days
Validates and nets the items
Credit items
Credited, not instant
Settlement
Net file
Banks settle net amounts
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Central bank
A salary credit settles the same way as a FAST payment, over the same operator and the same clearing house, only in a batch. GIRO is not instant and can take up to three working days to reach the receiving account. eGIRO, administered by ABS, only digitizes setting up a direct debit authorization.
What it costs
- The sender pays S$0.20 an item at DBS for GIRO payment, collection and payroll through its electronic channels.
- An unsuccessful collection costs S$1 at DBS, and an outward GIRO return costs S$10 at OCBC.
SGD cheque
A cheque deposited at a bank in Singapore.
Payee
Payee’s bank
Clearing house Rules by SCHA Run by BCS
Payer’s bank
Central bank Runs MEPS+ Settles net files Initiation cheque deposited
Deposits the cheque
Captures an image
Clearing
Image
Image to the bank it is drawn on
Nets the cheques
Settlement
Net file
Net credit, SGD
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Central bank
Same operator and same settlement institution as FAST and GIRO. Cheques have cleared as images since 2003, so the paper itself does not travel between banks.
What it costs
- The issuer pays S$0.75 a cheque at UOB and at OCBC. UOB waives it for account holders aged 60 and over, OCBC’s guide waives it until 31 December 2025, and depositing a cheque is free at UOB.
- A business at DBS pays S$0.75 for clearing and S$0.75 for deposit.
USD cheque
A US dollar cheque drawn on a Singapore bank.
Payee
Payee’s bank
Clearing house Rules by SCHA Run by BCS
Payer’s bank
Settlement bank Settles USD cheques Initiation cheque deposited
Deposits the cheque
Captures an image
Clearing
Image
Image to the bank it is drawn on
Nets the cheques
Settlement
Settlement file
Across accounts held at Citibank
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Settlement bank
Citibank N.A. is one of three institutions MAS’s directory lists as settlement institutions for designated payment systems. The other two are MAS and DBS Bank. Participating banks hold US dollar accounts at Citibank, and the clearing house sends it a settlement file each working day.
What it costs
- The issuer pays US$0.55 a cheque at UOB and US$1 at OCBC, with the same age waivers. Depositing a cheque is free at UOB.
- A business at DBS pays US$1.00 for clearing and US$1.00 for deposit.
Visa or Mastercard tap
A S$100 purchase with a card on either scheme.
You
Merchant terminal
Acquirer NETS is one
Card scheme Runs its own network Your bank
Settlement bank Settles not published
Initiation authorization
Tap, S$100
Transaction
Authorization request
Authorization request
Approved
Approved
Approved
Clearing at the end of the day
Batches the day’s sales
Clearing file of the sales
Works out net positions
Sales details, no money yet
Settlement
Settlement instructions
Net credit, route not published
Merchant paid, fee deducted
- Message
- Reply
- Money moves or settles
- Route not published
- Swipe sideways to see every party
Not published
The only path here where the scheme is foreign owned and the settlement route is not documented in the sources read. NETS announced agreements with both schemes to acquire merchants in March 2023. For how card settlement works in general, and how stablecoins are starting to change it, see How stablecoins are entering card payments, from settlement to credit.
What it costs
- The merchant pays its acquirer’s rate. Stripe’s Singapore page lists 3.4% plus $0.50 a domestic card transaction, so about S$3.90 on a S$100 sale, reading the page’s dollar sign as Singapore dollars.
- The scheme’s interchange sits inside that rate. MAS said in 2021 that the merchant fee includes it and that it saw no need to require disclosure, and no Singapore schedule was found.
Not in the public record Neither public rulebook names a Singapore dollar settlement bank. Visa leaves it to a bank each member nominates, and Mastercard points to a Settlement Manual that is not in the public rulebook.
PayNow transfer, 1 of 8