‘PayNow Corporate’, a new funds transfer service which will simplify transactions for businesses is set to launch on Aug 13

Information about the payee’s bank and account numbers will not be needed during the transfer process.
Lianhe Zaobao

The Association of Banks in Singapore (ABS) has announced the future launch of a new funds transfer service catered to businesses and corporates that is set to make transactions of such nature more seamless.

In a statement released on Wednesday (Jun 20), ABS said the service, called “PayNow Corporate”, will be available from 8am on Aug 13, 2018 to business and corporate customers of seven participating banks, namely Citibank, DBS/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank (UOB).

PayNow Corporate is a specialised version of peer-to-peer funds transfer service PayNow which was launched Jul 10, 2017 and is touted as part of the nation’s Smart Nation drive to adopt digital payments.

The service will allow businesses, corporates and the government to make transactions in Singapore dollars instantaneously with the linking of a Unique Entity Number (UEN) to their Singapore bank accounts. Information about the bank and account numbers of payees are therefore not required during the transfer process.

PayNow Corporate, according to ABS, will also be part of the Singapore Quick Response (SG QR) Code. This means that retail, businesses and corporates will be able to make instant transfers by scanning the QR codes of merchants or individuals via their bank’s mobile banking app.

Customers are required to update their bank’s app in order to access the service which will be available on Apple iOS and Android smartphones.

ABS director Ong-Ang Ai Boon noted that over a million people in Singapore have used PayNow and the total volume of transactions made with the service has exceeded S$900 million ($660 million) to date.

“With the launch of PayNow Corporate, both businesses and retail customers can enjoy the same convenience of a simpler way to transfer funds 24/7, 365 days a year. We will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds,” she said.