EDP and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out cheques (fintechnews.sg)

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that two new electronic payment solutions will be launched in mid-2025.

The Electronic Deferred Payment (EDP) and EDP+ solutions will offer businesses and individuals more convenient ways to make payments while phasing out the use of cheques.

The solutions were developed in collaboration with all Domestic Systemically Important Banks (D-SIBs)—Citibank, DBS Bank, HSBC, Maybank, OCBC Singapore, Standard Chartered Bank, and UOB.

EDP will cater to post-dated payments, deducting funds from the payer’s account upon presentment by the payee.

Meanwhile, EDP+ will provide greater payment certainty, with funds deducted immediately upon issuance.

Both solutions will be accessible through digital banking platforms and integrated with PayNow for seamless payee identification.

MAS is urging businesses to prepare for the transition and adopt these solutions as soon as they become available.

To allow sufficient time for adjustment, the deadline for ceasing corporate cheque processing has been extended by one year to the end of 2026.

Banks will stop issuing new corporate cheque books by December 2025, but existing cheques can be processed until the extended deadline.

Retail cheques, cashier’s orders, and USD cheques will remain available for individuals and businesses.

Seniors aged 60 and above as of 31 December 2025 will continue to benefit from waived cheque service fees at major retail banks.

A public consultation paper has been released, detailing the transition plan from cheques to e-payments and addressing the needs of businesses and individuals.

It also outlines proposed initiatives to ease the transition. The public is invited to submit feedback by 17 January 2025.