---
title: Launch of Electronic Deferred Payment (EDP & EDP+)
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 Jul 31, 2025, 5:08:00 PM

# Launch of Electronic Deferred Payment (EDP & EDP+)

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On **July 28–30, 2025**, the **Association of Banks in Singapore (ABS)**, in partnership with **MAS**, officially rolled out two e‑payment innovations—**Electronic Deferred Payment (EDP)** and its enhanced variant **EDP+**. These aim to phase out corporate cheque use by the end of **2026**, as Singapore pushes ahead in modernising its payments framework 

EDP and EDP+ are now **available on the digital banking platforms** of the seven Domestic Systemically Important Banks (D‑SIBs):

- **DBS**
- **OCBC**
- **UOB**
- **HSBC**
- **Maybank Singapore**
- **Standard Chartered**
- **Citibank Singapore** 

![Corporate Cheques phasing out by 2025. What does it mean for you? |  CTO-as-a-Service](https://services2.imda.gov.sg/CKEditorReactive/rest/api/Download?GUID=113c3d58-ed86-401e-9b48-95e20a102dda)

## What are EDP and EDP+ designed for?

These solutions replicate the primary deferred-payment use cases previously fulfilled by post‑dated cheques or cashier’s orders:

- **Supplier payments** and **project tender deposits**
- **Rental payments**, **balloting or property purchase options deposits**
- Any scenario where funds are committed in advance but released later

They integrate with Singapore’s existing e-payments ecosystem—**PayNow, FAST, GIRO, MEPS+**—leveraging PayNow for seamless payer-payee identification via mobile number, NRIC/FIN, UEN, or bank account number 

Both payer and payee receive real-time status notifications and full traceability—visibility of when and why funds move, and between whom 

![E-Payment Evolution: Singapore's Digital Payment Transformation](https://static.wixstatic.com/media/dbe8b4_0576ba5e65e247dbb69081eec0434e03~mv2.png/v1/fill/w_680,h_382,al_c,q_85,usm_0.66_1.00_0.01,enc_avif,quality_auto/dbe8b4_0576ba5e65e247dbb69081eec0434e03~mv2.png)

## EDP vs EDP+: Key distinctions

| Feature | **EDP** | **EDP+** |
| --- | --- | --- |
| Funds deducted when | Payee *requests* payment (presentment) | On **issuance** (locked immediately) |
| Risk to payee | Some risk if payer lacks funds | Minimal—funds reserved upfront |
| Use‑case analogue | Post‑dated cheque | Cashier’s order |

- **EDP:** A digital analog to post‑dated cheques. Funds are only removed from payer’s account at presentment, offering flexibility but some payment risk 
- **EDP+**: A digital equivalent to a *cashier’s order*. Funds are locked immediately at issuance, reducing default risk and offering greater assurance to payees 

## Timeline for cheque phase‑out

| Date | Milestone |
| --- | --- |
| **Mid‑2025** | Launch of EDP & EDP+ through major banks’ platforms |
| **1 July 2025** | Banks begin halting issuance of new SGD corporate cheque books |
| **31 December 2025** | All banks stop issuing corporate cheque books |
| **31 December 2026** | Last day banks process corporate SGD cheque transactions |
| **1 January 2027** | Corporate cheque use fully phased out |

From **1 January 2026**, banks cease issuing new SGD corporate cheque books; corporate cheque processing stops by **31 December 2026**, and **EDP/EDP+** becomes fully recommended

Retail cheques, USD cheques, and cashier’s orders will remain available for individuals and certain corporate uses beyond this date

## Why this matters for Singapore’s finance ecosystem

1. **Operational efficiency**  
   EDP/EDP+ eliminates manual cheques and reconciliation overheads, cutting down administrative friction and errors
2. **Improved payment assurance**  
   EDP+ provides payees with payment certainty, mitigating risks linked to bounced or post‑dated instruments.
3. **Traceability & auditability**  
   Real-time updates build stronger financial governance—useful for corporate treasury, finance, and accounting teams.
4. **Sustainability**  
   Less paper, fewer physical instruments, lower carbon footprint.
5. **Policy alignment**  
   This builds on MAS’s forward roadmap to shift from legacy cheque infrastructure to a resilient, digital-first national payments architecture—including plans for CTS Lite in early 2027 for remaining retail/US dollar cheque volumes

![8 Places To Visit In Singapore In 2025](https://travelsetu.com/apps/uploads/new_destinations_photos/destination/2024/06/27/de2e9f1c60dba0d8d2fe85d95e213b59_1000x1000.jpg)

## What you should know or prepare

- **Businesses and property players**: Begin mapping deferred‑payment use cases (e.g. tender deposits, rentals) to EDP or EDP+, with clear internal processes around issuance vs presentment timing.
- **SMEs and finance teams**: Equip accounting/payment workflows to reconcile EDP/EDP+ using ERP or banking APIs; explore setting alerts via platforms like DBS IDEAL or OCBC Velocity 
- **Cash flow planning**: If using EDP+, ensure liquidity management accounts for funds locked at issuance rather than timing of presentment.
- **Education & outreach**: Especially for senior staff accustomed to cheques, ensure training and awareness of the new tools. Public campaigns and bank outreach will support this transition 

## Conclusion: A digital leap forward

The launch of **EDP** and **EDP+** signals a major step in Singapore’s evolution toward a paper‑light, digitally enabled payments ecosystem. For finance leaders and practitioners, timely adoption of these solutions is key to staying ahead of MAS deadlines—ending SGD corporate cheque issuance by year-end 2025 and processing by year-end 2026.

Let us know what you think about this topic, and what do you want to hear next.

**This is an AI-powered article, curated by The Financial Coconut.**

#### Sources consulted:

1. **Technode Global**, 'Singapore Launches New Electronic Deferred Payment Solutions to Support Transition to E-Payments'
2. **Asian Banking & Finance**, 'Singapore Launches Electronic Deferred Payments to Ease Cheque Phase-Out'
3. **Pymnts.com**, 'Singapore Deploys Tools to Wean Businesses off Checks'
4. **Rajahtann Asia**, 'MAS Roadmap to Cease Use of SGD Corporate Cheques and Digital Payment Solutions for Post-Dated Payments'
5. **DBS**, 'Electronic Deferred Payment'
6. **News.Futunn.com**, 'Singapore Launches Electronic Deferred Payment Solutions'
7. **Allen & Gledhill**, 'MAS Consults on Roadmap to Sunset Corporate Cheques and Transition Plan for Retail Cheques'

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