The Association of Banks in Singapore (ABS), which promotes and represents the interests of the banking community in Singapore, has launched PayNow Corporate. An extension of the PayNow peer-to-peer instant funds transfer service, PayNow Corporate allows businesses, government agencies and retail customers to enjoy a simple way to transfer and receive funds 24x7.
With PayNow, payers only require a payee’s mobile or national ID number (NRIC number) in order to transfer funds. PayNow Corporate will similarly enable businesses, corporates and the government agencies to pay and receive Singapore dollar funds instantly by linking their unique entity number (UEN) to their Singapore bank account. A UEN is a standard identification number that organisations use when they interact with government agencies in Singapore.
PayNow Corporate is available to businesses, corporate and government agencies that are customers of seven participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB. With PayNow Corporate, retail customers of all the nine participating banks - the seven banks as mentioned, plus the Bank of China and ICBC - can now use PayNow for all their fund transfer needs, such as payments to business and receiving payments from the government. This gives PayNow access to the largest banking customer base for e-payments.
To further enhance customer experience, the option of a QR code is also available to give businesses more channels for payment receipt, and reduces the hassle of handling cash and cheques. The PayNow QR code will be issued as part of the Singapore Quick Response (SG QR) Code when SG QR is rolled out later in the year.
Mrs Ong-Ang Ai Boon, Director of The Association of Banks in Singapore (ABS), said: “The launch of PayNow Corporate follows from last year’s successful launch of PayNow peer-to-peer funds transfer service that enables instant payments via mobile, NRIC or FIN* numbers. I am pleased that PayNow brings together a full of suite of funds transfer services among retail customers and between businesses and government agencies. ABS is encouraged that as at 10 August 2018, there have been more than 1.6 million PayNow registrations and over S$1.2 billion transferred via PayNow.”
ABS will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds seamlessly.
*The foreign identification number (FIN) is a unique 9-digit code issued to foreigners with immigration or work passes by the Singapore Ministry of Manpower or the Immigration and Checkpoints Authority of Singapore.