go cheque-free

Switch to digital payments today

Why you will love this

Pay quickly and conveniently via our business online banking platforms

Save on cash and cheque handling fees

In 2023, the Monetary Authority of Singapore (MAS) announced that SGD corporate cheques would be phased out. On 5 December 2024, MAS and The Association of Banks in Singapore (ABS) extended the SGD corporate cheque phase-out deadline by one year to give corporates more time to switch to digital payments. For more details, please refer to the MAS Consultation Paper and MAS Press Release.

HOW THIS AFFECTS YOU

From 1 January 2026, all banks (including OCBC) will no longer provide SGD corporate cheque books, bulk cheque services and cheque self-printing services.

From 1 January 2027, all banks (including OCBC) will stop processing SGD corporate cheques. Payees should present their SGD cheques before this date to ensure that their cheques can be processed.

Please refer to the FAQs below for details.

TRANSITIONING TO DIGITAL PAYMENTS

To help businesses with the transition to digital payments, ABS and Domestic-Systemically Important Banks (including OCBC) 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.

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

Accessible via our business online banking platform, OCBC Velocity, these solutions will complement existing digital payment methods like PayNow, FAST, GIRO and MEPS+.

Learn more about our existing digital payment methods.

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

MAKE THE SWITCH TO DIGITAL

Leverage our digital payment services to make quick and secure transfers locally.

Solutions
Perfect solution for
Transaction limit
PayNow (Mobile no., NRIC, UEN, VPA)
Transaction speed
FAST payment
Urgent local payments
S$200k per transaction
Instant
GIRO payment
Payroll
Maximum of S$90 million per transaction
Payee will receive the amount at least 2 days later
MEPS payment
Urgent payments of more than S$200k
Maximum of S$1 billion per transaction
Same day
Electronic deferred payment (EDP/EDP+)

EDP
Fund transfers where:

  • Payment is scheduled for a later date (deferred payment)
  • Funds are deducted from the payer’s bank account when the payee presents his/her EDP on or after the effective date

EDP+
Fund transfers where:

  • Payment is scheduled for a later date (deferred payment)
  • Funds are deducted immediately from the payer’s bank account upon issuance of the EDP+

Maximum of S$90 million per transaction
(only Mobile No. NRIC/FIN, UEN)

EDP/EDP+
Payee will receive the amount within 2 working days of presenting the EDP or EDP+.

Here is a comparison of our key collection solutions to help you find what is best for you, your employees and customers.

Overview
Instant notification upon payment
Daily sales transferred to your account
Daily sales reconciliation report
How to get started
PayNow for Business
Collect payments using your Unique Entity Number (UEN), QR code or SGQR sticker label
No
Transferred instantly
No
Learn more
OCBC OneCollect
Low-cost solution that helps you collect QR payments from PayNow, Alipay+, WeChat Pay, UnionPay, ShopeePay and DuitNow QR
Yes
PayNow QR transactions are transferred instantly

All other QR wallet transactions are transferred within 2 business days
Yes
Learn more
OCBC Point-of-Sale (POS) Terminal
Supports PayNow and all major card schemes such as Visa, Mastercard, UnionPay, American Express, JCB, Diners Club, and EZ-Link
Yes
PayNow transactions are transferred instantly

Card transactions are transferred within 2 business days
Yes
Learn more
OCBC APIs
Integrates into your preferred platform to generate real-time QR codes and provides instant payment notifications
Yes
Transferred instantly
Yes
Contact your Relationship Manager
Discover our award-winning platforms
OCBC Velocity

Great for business owners to manage your day-to-day operations and large corporates where bespoke personalisation is enabled.

Learn more  

OCBC Business app

Get the power and flexibility you need to juggle multiple things - all at the same time. The multi-use and useful OCBC Business app.

Call it ‘multi-useful’: The award-winning mobile business banking app that is like your own personal assistant. Great for businesses.

Learn more  

FAQS
Common questions
See more questions
Why is there a need to transition away from corporate cheques?

The use of cheques has steadily declined as businesses and individuals increasingly adopt more efficient digital payment methods. As a result, cheque clearing and processing costs have risen, making cheque-based transactions costly for financial institutions to maintain.  

In 2023, as part of Singapore’s transition into an innovative e-payments society, The Monetary Authority of Singapore (MAS) announced that corporate cheques would be phased out.

What are the key dates for the discontinuation of SGD corporate cheques?

From 1 January 2026
All banks will will no longer provide SGD corporate cheque books, bulk cheque services and cheque self-printing services.

From 1 January 2027
All banks will stop processing SGD corporate cheques. Corporate cheque payees should present their SGD cheques for clearing before this date to ensure that their cheques can be processed.

For more details, please refer to the MAS Consultation Paper and MAS Press Release.

What happens if a corporate cheque payer issues a cheque in 2026, but the payee deposits the cheque in 2027?

Banks will not process any corporate cheques from 1 January 2027. Corporate cheque payees must deposit all corporate cheques by 31 December 2026 to avoid having such cheques rejected. 

Should recipients of corporate cheques miss the deadline to deposit their cheques and/or have their cheques rejected, they will need to make alternative payment arrangements with the payer.

See more questions
reach out to us

Your business is important to us. We are here to help.

Get in touch