Non-Bank Financial Institutions to have Access to FAST and PayNow
Singapore, November 30, 2020 ...
Today, the Monetary Authority of Singapore (MAS) announced that NFI-eligible non-bank financial institutions will be granted direct access to the banking system's retail payments platform. nation. This decision was officially enforced in February 2021. NFIs licensed as primary payment organizations under the Payment Services Act will be allowed to connect directly with Fast and Secure Transfer (FAST).  and PayNow .
2 - NFI e-wallet users will easily perform real-time money transfers between e-wallets, or between e-wallet and traditional bank accounts when FAST and PayNow are directly connected. together. Currently, most e-wallets cannot transfer money to each other but can only use the money in a debit or credit card to top up the wallet.
3 - Enterprises, financial institutions cooperating with one of 9 PayNow banks or in 23 banks under FAST or e-wallets that are located in a closed, traditional ecosystem will be prioritized to enable payment according to Real-time from the mobile applications of the bank or other e-wallet participating directly in FAST or PayNow. This cooperation helps financial institutions to reach larger target markets, expand more market shares than before, solve old difficulties, and make electronic payments work seamlessly and immediately. instantly.
4 - NFI can be directly connected via the payment gateway API, a programmable interface built up by the FAST Direct Working Group (DFWG) , with the help of the Clearers Association Singapore (SCHA) and the Association of Banks in Singapore (ABS), which control the majority of FAST and PayNow. This API payment platform can be used by participating banks and NFI and aims to expand the technology architecture of NFI and banking in the future.
See more about Payment Gateway API: https://finfan.vn
5 - The CEO of MAS, Mr. Ravi Menon expressed the view “Everyday technology develops, the gap is gradually narrowed, making the direct access and connection of electronic payments in Singapore of NFI into FAST and PayNow more and more conveniently. Consumers now have the option of a deposit method, if they don't have a debit or credit card ready to top up their e-wallet, they can go through their bank account to do so. Everything became reality, our vision before, opening a platform through which to enable real-time payments, was accomplished. Whether an individual or a business, the application of electronic payment is a short effective tool. MAS thanks the members of DFWG for their collaborative spirit that has helped Singapore and MAS itself create a memorable milestone for "electronic payment".
6 - Mr. Lawrence Chan, President of Banking Computer Services Company Limited (BCS) shared, “BCS always cultivates, develops and creates close cooperation relationships with financial institutions to bring about National payment project, valid since its inception, to enhance the service of the financial sector in Singapore. The launch of the API payments platform has become a major milestone for FAST and PayNow, which is an accessible, flexible, and instant payment platform. As the operators and builders of FAST and PayNow, we are proud to contribute a part of our knowledge and efforts to help Singapore produce more and more great initiatives and works, one of them. is real-time payment infrastructure, which will act both as a lever to promote innovative e-payments and as a strong catalyst for the financial industry.”
7 - Ms. Ong Ai-Boon, ABS Director shared, “We always welcome newcomers to FAST and PayNow. For the first time in the history of the financial industry, it has granted access to non-banking financial institutions to participate in these two important electronic payment platforms. This move underlines the problem of future change, ABS member banks must be ready to be digitally connected in the construction process at any time, while reaffirming our commitment to delivering For customers more choices, everything prioritizes convenience. Acceptance rates of FAST and PayNow exceeded expectations. We believe that, after joining many new members, the path to developing a country, a cashless economy, without inflation will be shorter and easier.”
 FAST is an electronic money transfer service that allows customers of participating institutions to transfer Singapore dollars from one institution to another instantly. FAST is available 24/7, 365 days a year.
 PayNow is an overlay central address service that runs on the FAST billing system. PayNow allows consumers and businesses to make instant payments on accounts using a proxy, such as mobile numbers, NRIC / FIN numbers, or Unique Entity Number (UEN). PayNow is also available 24/7, 365 days a year.
 DFWG includes Computer Banking Services Pte Ltd (BCS), Association of Banks in Singapore (ABS), bank members in this association include (Citi Singapore, OCBC Bank, Standard Chartered Singapore Limited, DBS, Deutsche Bank AG Singapore, HSBC Singapore, Maybank Singapore, UOB) and NFI members (TransferWise, Grab Financial Group, Razer Fintech, Liquid Group, MatchMove, Singtel Dash).
Notes for editors
- FAST and PayNow have met the needs of most consumer and business users, with FAST transaction volumes averaging more than 12.5 million per month in the previous quarter (July to September 2020). PayNow's monthly transaction volume now accounts for nearly half of all FAST transactions.
- In September 2018, MAS announced its policy decision to allow direct access to FAST and PayNow for NFIs such as major e-wallet providers.