electronic deferred payment

Make deferred payments digitally in place of cheques

Why you will love this

Save time by eliminating the administrative handling of paper instruments

Improve cash flow by enabling quicker access to funds

Minimise errors associated with manual processing such as mismatched signatures or damaged cheques

BACKGROUND

In 2023, the Monetary Authority of Singapore (MAS) announced that SGD corporate cheques are to be phased out.

To provide greater convenience to corporates and individuals and enable the transition away from cheques, The Association of Banks in Singapore (ABS), OCBC and the other Domestically Systemically Important Banks (D-SIBs) launched two new payment solutions – EDP (Electronic Deferred Payment) and EDP+ – on 28 July 2025. These solutions are part of Singapore’s move to gradually phase out corporate cheques and enhance its digital payment ecosystem. They complement existing e-payment methods such as PayNow, FAST, GIRO and MEPS+.

EDP and EDP+ are designed to support payment transactions where payment is scheduled for a later date (deferred payments), commonly done by way of post-dated cheques* today.

The key difference between EDP and EDP+ lies in the timing of when 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.

Both the EDP and EDP+ are accessible via our digital business banking platform, OCBC Velocity.

*A post-dated cheque is one that is written with a future date from which the payee can deposit within 6 months.

HOW TO CREATE/PRESENT AN EDP

Create an EDP
Present an EDP

1

Log in to OCBC Velocity > Transactions > EDP, EDP+ (Electronic Deferred Payment).

Note: You will need to have access to make transactions via OCBC Velocity.

To apply for access, go to the OCBC Business Banking website > Help and Support > Banking Forms > Online Banking > Apply and Manage OCBC Velocity.

Select ‘Manage access to OCBC Velocity’ > Indicate your preferred authorisation arrangement (do not choose ‘users can only view balances and statements’).

2

Enter the payment details and click on 'Next'.

3

If needed, ask your entity’s Authoriser(s) to authorise the request. The Authoriser(s) can do so by selecting ‘Transactions’ at the top menu > Pending Transactions’ > ‘EDP’.

Then, under ‘Viewing’, select ‘Outgoing’ to see any EDPs that need to be authorised > Click on ‘Authorise’.

Note: More than one Authoriser may be required depending on your entity’s OCBC Velocity setup.

1

Log in to OCBC Velocity > Select ‘Transactions’ at the top menu > Pending Transactions > EDP.

Under ‘Viewing’, select ‘Incoming’ to see any EDPs that are ready to be presented.

Note: You will need to have authorisation to make transactions via OCBC Velocity.

2

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’.

WATCH HOW IT WORKS

FAQS

Common questions

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What is EDP and EDP+?

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.

Which banks offer EDP and 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.

Which currencies are supported by EDP and EDP+?

EDP and EDP+ only support payments in SGD.

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