EDP and EDP+ are designed for scenarios that require deferred payments or refundable deposits, while FAST and PayNow remain suitable for instant and same-day transactions. Payers would use EDP and EDP+ to indicate an intent to pay, just as they would with a physical cheque.

Examples of when one might use an EDP and EDP+ include:

• Ballots for Options to Purchase property
• Rental payments
• Deposits for purchases
• Deposits for quotations of work

Here are a few key benefits:

• Status updates: Both payer and payee will receive real-time updates when the status of the EDP and EDP+ changes
• Full traceability: Clear visibility of when and why a payment was made, as well as from whom and to whom
• Ease of reconciliation: Simplified reconciliation process for accurate record-keeping
• Reduced administrative costs: Minimised manual paperwork, tracking and associated costs
• Sustainability: Eliminates the need for paper cheques

Both individuals and companies can use EDP and EDP+. This service will be rolled out progressively from 28 July 2025 and can be accessed via the digital banking platforms of seven banks: Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB.

You will only need to have access to the digital banking platforms of one of these seven banks: Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered Bank or UOB.

Since 28 July 2025, EDP and EDP+ have been available via the OCBC app.

Step 1: To issue an EDP or EDP+, log in to the OCBC app > Payments & Transfers > Electronic Deferred Payment. You will be asked to enter these details:

• Details so we can identify the payee – Bank account number/mobile number /NRIC no./ UEN
• Details of the payment – Amount, effective date*, EDP type (EDP or EDP+)^{^}, the account funds will be deducted from and the purpose of sending the payment

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

^{^}EDP: Funds will be deducted when the payee cashes in the EDP. EDP+: Funds will be deducted once the EDP+ is created.

Step 2: Click on ‘Next’ to submit a request to issue the EDP.

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

• Whether an EDP/EDP+ has successfully been created
• Whether the payee has successfully cashed in the EDP/EDP+
• Whether the EDP/EDP+ has successfully been cancelled
• When the EDP/EDP+ is about to expire (you will be notified 3 days in advance)
• When the EDP/EDP+ expires*

* Do note that an EDP/EDP+ expires six months from its effective date. Upon expiry:

EDP: The payee ask the payer to issue a new EDP. Funds have not been deducted from the payer’s account.

EDP+: The funds that were deducted when the EDP+ was issued will be returned to the payer’s account. The payer can choose to issue a new EDP+.

You will receive an email/push notification/SMS when you receive any EDP/EDP+. To cash them in, log in to the OCBC app > Payments & Transfers > Electronic Deferred Payments (EDP) > View your EDP/EDP+.

You may cash in an EDP/EDP+ on or after the effective date.

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

• When an EDP/EDP+ has been presented (cashed in) successfully/unsuccessfully
• When an EDP/EDP+ has been rejected successfully/unsuccessfully
• When the EDP/EDP+ is about to expire (you will be notified 3 days in advance)
• When the EDP/EDP+ expires*

* Do note that an EDP/EDP+ expires six months from its effective date and cannot be cashed in after it expires. If the EDP/EDP+ expires, the payee can ask the payer to issue a new EDP.