Singapore launches electronic deferred payments to ease cheque phase-out

EDP and EDP+ will be available in seven banks’ digital banking platforms.

The Association of Banks in Singapore (ABS) has launched two new electronic deferred payment (EDP) solutions for the transition to e-payments for cheque users.

Under EDP, funds are deducted from the payer’s account only when the payee requests payment. Meanwhile, in EDP+, funds are deducted immediately from the payer’s account upon issuance of the EDP+, which reportedly ensures that the amount cannot be used for other transactions.

ABS—in partnership with Citibank Singapore, DBS, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB— said that it will avail the new solutions progressively to enable deferred payments currently facilitated by cheques.

EDP and EDP+ will be accessible via the seven banks’ digital banking platforms.

Examples of use cases of deferred payments include supplier payments and deposits for project tenders, and rental payments and balloting/purchase options for properties, the ABS said in a press release.

ABS reminded corporate cheque users that all banks will stop issuing new SGD corporate cheque books from 1 January 2026.

Banks will stop processing SGD corporate cheques by 1 January 2027.