Users of cheques will have two new electronic payment methods from mid-2025 as part of Singapore's move to gradually phase out corporate cheques.
The two methods will allow deferred payments or post-dated transactions – a key feature of cheques. A post-dated cheque is one that is written with a future date indicated on it and used by businesses in payments.
Individuals and companies can use the upcoming electronic deferred payment system EDP and EDP+ via the digital banking platforms of seven banks. They are DBS Bank, OCBC Bank, UOB, Citibank, HSBC, Maybank and Standard Chartered Bank.
To allow organisations enough time to switch to the new e-payment methods, the deadline to stop processing corporate cheques will be pushed back by another year to the end of December 2026, the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) said on Dec 5.
But there will be no change to the deadline for banks to stop issuing new cheque books to companies by the end of December 2025.
Corporate cheque payees should therefore present their cheques for clearing well before Dec 31, 2026, to ensure that their cheques can be processed before the deadline, said MAS and ABS.
This story is from the December 06, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 06, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Jay-Z will seek dismissal of sexual assault lawsuit his lawyer calls a 'sham'
Lawyers for Jay-Z (right) plan to ask a judge to toss a lawsuit accusing the American rapper of raping a 13-year-old in 2000, pointing to what they described as \"glaring inconsistencies\" that emerged in an NBC interview of the accuser, who was not named in the suit.
Comedian Jimmy O. Yang finds people who look more like him than himself in lookalike contest
It looks like there are Asians out there who look more like Jimmy O. Yang than the man himself, said the Hong Kong-born American actor and stand-up comedian.
Brazil judge orders Adele song to be pulled globally
A Brazilian judge has ordered a song by British pop superstar Adele (left), Million Years Ago (2015), to be pulled worldwide - including on streaming services - over an ongoing plagiarism claim by a Brazilian composer.
Local musician-TikToker first from Asia to be nominated
Drumeo Awards: TikTok Drummer of the Year category
Malcolm In The Middle is getting a four-episode revival on Disney+
NEW YORK - One of America's wackiest families is making a comeback.
Pedro Almodovar is not lost in translation
Working in English and directing Hollywood stars can be difficult for European directors. But the Spanish director's The Room Next Door is an exception
Lessons from a dog attack
Viewpoint Canines may bite and scratch when excited or caught by surprise
Could dark chocolate reduce risk of diabetes?
If you have long assumed that you must deprive yourself of delicious foods to be healthy, a new study in medical journal The BMJ offers encouraging news: Eating dark chocolate has been associated with a reduced risk of developing Type 2 diabetes.
BAD BACK
More teens and young adults hit with degenerative disc disease
Diplomacy ● Remark about chai in poor taste
I refer to the article \"No shortage of chai for Singapore's envoy in India after 'tasteless' brew post goes viral\" (Dec 16).
