Go cheque-free by 2025

As part of Singapore’s Smart Nation vision to transition the country into an innovative electronic payments society where everyone has easy access to swift, simple, and secure payments, Singapore will be eliminating the use of corporate cheques by 2025¹.

UOB is committed to assist you with going digital, with e-payment solutions and platforms to make banking easier, better, and faster for your business.

As we transit towards becoming a digital nation, a vast majority of individuals and businesses have adopted digital payment methods.

With dwindling cheque usage in Singapore, the average cost to process a cheque transaction is projected to increase steadily in the future.

From 1 November 2023 onwards, banks with significant depositor base in Singapore will charge cheque processing fees as an industry-wide measure² to better reflect the increasing cheque processing costs.

Footnotes:

1. Please refer to Consultation Paper “Roadmap to Terminate the SGD Cheque Truncation System – Eliminating Corporate Cheques by 2025” for more details.
2. Cheque processing fee is one of the measures collectively proposed by industry participants during a Payments Council fact-finding exercise convened by MAS between October 2021 to March 2022 to reduce cheque usage. Please refer to Consultation Paper “Roadmap to Terminate the SGD Cheque Truncation System – Eliminating Corporate Cheques by 2025” for more details.

It is time for you to go cheque-less with UOB’s digital banking channels, to send and receive payments seamlessly and securely, at your convenience.

1) Easy Pay

With UOB’s end-to-end payables solutions, you can connect to all major clearing and payment systems to initiate payment transactions seamlessly. Let us help you simplify your accounts payables process while you focus on managing your business.

Access all electronic payment modes via UOB Infinity.

• FAST
  24x7 real-time payments for payments up to SGD 200K.

• Interbank GIRO
  Low-cost SGD payments, alternative for large-value payments

• PayNow payments via FAST/GIRO
  Make payments easily to individuals and businesses with just their mobile number/NRIC/UEN/Virtual Payment Address.

• MEPS
  Fastest way to make high-value SGD transfers

• Bill Payments
  Make regular and repetitive bill payments to various participating Billing Organisations

2) Easy Collect

Visit UOB> Solutions Made Easy > Easy Collect 
https://www.uob.com.sg/corporate/transaction-banking/solutions-made-easy/easy-collect.page

The strategic management of collections is crucial to your company’s success. UOB’s integrated receivables solutions helps you streamline and expedite collections, saving you both time and money. Let us help you manage your end-to-end receivables cycle with greater speed and efficiency, so you can free up your resources and focus on your business.

• PayNow and SGQR

Register for PayNow via UOB Infinity. Simply provide your PayNow proxies (UEN or UEN+suffix) or publish your PayNow QR code to your payers to receive payments instantly.

• Direct Debit & eGIRO

Billing Organisations may sign up for Direct Debit services to collect from your clients electronically.