EDP and EDP+ refer to Electronic Deferred Payments (EDPs). This new digital payment solution will be introduced on 28 July 2025. EDPs complement existing e-payment solutions such as PayNow, FAST, GIRO and MEPS+ and can be used in place of cheques.

The key difference between an EDP and EDP+ lies in when the funds are deducted from the payer’s account:

• EDP:  Funds are deducted from the payer’s account only when payee requests payment, i.e. when the EDP is presented.
• EDP+: Funds are deducted immediately from the payer’s account upon creation of the EDP+, ensuring the amount cannot be used for other transactions. This reduces the risk of non-payment due to insufficient funds in the payer’s account, providing greater assurance to payees as compared to EDP.

From 28 July 2025, the Domestic Systemically Important Banks (D-SIBs) – OCBC, Citibank, DBS, HSBC, Maybank, Standard Chartered and UOB – will offer EDP and EDP+. Please refer to the ABS website for more details.

EDP and EDP+ only support payments in SGD.

From 28 July 2025, EDP and EDP+ will be available to OCBC corporate customers via OCBC Velocity. If you do not have OCBC Velocity access, please apply for access.

From 28 July 2025, EDP and EDP+ will be available via the digital banking platforms of the seven Domestic Systematically Important Banks (D-SIBS) – OCBC, Citibank, DBS, HSBC, Maybank, Standard Chartered Bank and UOB. 

To create an EDP/EDP+, log in OCBC Velocity > Transactions > EDP, EDP+ (Electronic Deferred Payment). You will be asked to enter these details:

• Details so we can identify the payee – Bank account number/mobile number/NRIC/UEN
• Details of the payment – Amount, effective date* and EDP Type (EDP or EDP+)^

*The effective date of payment is the earliest date an EDP/EDP+ can be presented. For an EDP, the payer may set the effective date to be one day after the creation date, but no more than six months from it. For an EDP+, the effective date must be the day after the creation date.

• ^EDP: Funds will be deducted when the payee presents the EDP.
• EDP+: Funds will be deducted once the EDP+ is created.

Click on ‘Next’ to submit the EDP.

You will receive notifications (e.g. email, push notification) informing you of the following:

• Whether an EDP/EDP+ has successfully been created
• Whether the payee has successfully presented the EDP/EDP+
• Whether the EDP/EDP+ has successfully been cancelled

You will receive notifications (e.g. email, push notification) when you receive any EDP/EDP+. Log in to OCBC Velocity > EDP, EDP+, then select ‘Task List’.

Amongst the EDP(s) displayed with the status ‘Pending Clearance’ and ‘Remarks: Schedule to present, or present on/after effective date’, select the ones you wish to present. Then, click on ‘Present’.

Refer to the 'How to create/present an EDP' section on our website for the steps.

You will also receive notifications (e.g. email, push notification) informing you whether the EDP/EDP+ has successfully been presented.