Singapore FAST and PayNow
Launching in June 2021
Fast And Secure Transfers (FAST) is Singapore's domestic real-time payment scheme. With simple API implementation, you will now be able to initiate and receive FAST payments up to SGD 200,000 between participating FAST banks in Singapore almost instantly on a 24x7 basis. In addition, with PayNow Corporate, you can now link your Unique Entity Number (UEN) issued in Singapore to your SGD account with J.P. Morgan Chase Bank N.A., Singapore Branch (J.P. Morgan Singapore), allowing your payers to send funds to you without the need to quote bank account details.
Features
- Real-time: Settlement of payments will be near real-time or almost instantly
- Availability: Initiation and receipt of payments are available 24x7 including weekends and Singapore public holidays
- Ease: Receive payments via PayNow Corporate based on Unique Entity Number (UEN)
- Transaction Limit: Capped at SGD 200,000 per transaction (industry guideline)
Benefits
- Pay anytime at your convenience
- Beneficiaries including your supplier and vendors receive funds quickly
- Ideal for time-sensitive and urgent payments
- Convenience for your payers; PayNow eliminates the need to provide bank account details
Potential Use Cases
FAST
- Urgent Payments: With no cut-off time and 24x7 availability, you can now send or receive payments at any time you choose
- Wallet Withdrawals: For e-wallet providers, payments can be initiated directly from wallet-holders to their bank account near real-time
- Merchant Payouts: Greater flexibility in accessing their funds on-demand
PayNow
- Fee Collections: Facilitate quick & simple collections
- Marketplace: Provide UEN on e-Commerce checkouts, allowing counterparties pay conveniently
- Refund: Send refund money directly to customers' registered mobile number and shorten the refund process
- Government Disbursements: Receive government-related payouts and disbursements via your UEN
What to Expect
INITIATE PAYMENTS
FAST
PayNow
Implementation or
account setup required
account setup required
Yes
API implementation is required
API implementation is required
Available From
15 June 2021
Subject to your implementation and testing with us
Subject to your implementation and testing with us
BAI Code Update
Yes
Applicable to clients using BAI codes for automated reconciliation
Applicable to clients using BAI codes for automated reconciliation
RECEIVE PAYMENTS
FAST
PayNow
Implementation or
account setup required
account setup required
Not required
Yes
UEN registration is required
UEN registration is required
Available From
1 June 2021
1 June 2021
UEN registration requires
2 weeks of lead time
UEN registration requires
2 weeks of lead time
BAI Code Update
Yes
Applicable to clients using BAI codes for automated reconciliation
Applicable to clients using BAI codes for automated reconciliation
Frequently Asked Questions
General
What is the difference between FAST and PayNow?
FAST and PayNow offer real-time 24x7 SGD fund transfers. While FAST requires the beneficiary bank and account number details, PayNow allows payments to be paid to Corporates via UEN and to Individuals via mobile number, NRIC or Virtual Proxy Address.
Can I make a FAST or PayNow payment beyond the transaction value limit of SGD 200,000?
No, the transaction value limit is capped at SGD 200,000 as per industry guideline. The alternative is to use GIRO or MEPS+ instead.
Who are the participating banks and non-financial institutions (NFI) on FAST and PayNow?
The list of participating banks and non-financial institutions can be found on the The Association of Banks in Singapore website.
How can I initiate FAST or PayNow payments?
As part of our initial launch, payment initiation is available via Application Programming Interface (API) connectivity. There are plans to enable initiation via J.P. Morgan AccessSM and host-to-host connectivity at a later stage. For more details, please approach your J.P. Morgan representative.
Do I require an API implementation to receive payments via FAST and PayNow?
For FAST, there is no implementation required to receive funds. Your remitter can initiate payments to you by simply sending funds to J.P. Morgan Singapore SWIFT BIC (CHASSGSG) and your bank account number.
For PayNow, you will need to register your UEN with your J.P. Morgan Singapore SGD accounts.
For PayNow, you will need to register your UEN with your J.P. Morgan Singapore SGD accounts.
Where can I view my FAST and PayNow transactions?
You can to view your FAST and PayNow transactions on your existing statement reports on J.P. Morgan AccessSM, your MT940 or equivalent statements.
Are there any new BAI codes introduced for FAST and PayNow?
The following are new BAI codes set up to support real-time debit and credit transaction reporting. If you are currently using BAI codes for reconciliation, please ensure the below codes are updated in your system.
| Type | Detail Code | Summary Code | Detail Code Description | Summary Code Description |
| CR | 158 | 159 | Real Time Payment | Total Real Time Payment Credits (inclusive of returns) |
| DR | 458 | 459 | Real Time Payment | Total Real Time Payment Debits |
PayNow Corporate
How can I register my account for PayNow Corporate?
You may contact your J.P. Morgan representative for a copy of the PayNow registration form. Upon receipt of your completed form, it will take approximately 2 weeks to complete. You will receive a notification from J.P. Morgan when your registration is completed.
Can I still register my company's UEN with J.P. Morgan Singapore if the UEN is already registered with another bank for PayNow Corporate?
If you wish to register PayNow Corporate with more than one banking provider, this can be done by leveraging a 3-character alphanumeric suffix after your UEN e.g. 123456789ZXXX to distinguish your receipts to J.P. Morgan.
If you wish to register PayNow Corporate with only J.P. Morgan, you will need to de-register your existing UEN with your current banking provider before submitting your registration to J.P. Morgan.
If you wish to register PayNow Corporate with only J.P. Morgan, you will need to de-register your existing UEN with your current banking provider before submitting your registration to J.P. Morgan.
My company has multiple SGD accounts with J.P. Morgan Singapore under the same entity. Can I use the same UEN for all my SGD accounts?
No, the UEN can only be tagged to one account. Should you wish to register other SGD accounts with J.P. Morgan Singapore for PayNow Corporate, you may add a 3-character alphanumeric suffix after the UEN e.g. 123456789ZXXX.
Can I register multiple PayNow Corporate IDs on one account?
Yes, you can register multiple PayNow Corporate IDs against one account by leveraging on the 3-character alphanumeric suffix after the UEN e.g. 123456789ZXXX.
My company has multiple SGD accounts across multiple entities. Can I register all the accounts under a single UEN?
No, each account can only be tagged to the UEN of the account owner entity.
My company does not have a UEN as my SGD accounts with J.P. Morgan Singapore are all non-resident accounts. Can I still register for PayNow Corporate?
No, non-resident accounts are not eligible for PayNow Corporate.