Singapore banks get a temporary reprieve on e-payment rules
Singapore’s banks have gained a six-month extension to comply with regulations aimed to protect consumers and businesses using P2P and other electronic funds-transfers within the country.
The Monetary Authority of Singapore (MAS) pushed the compliance date for rules slated to go into effect this week to June 30, 2019, according to a recent press release.
The rules, announced in September 2018, establish guidelines to resolve errors when a user sends money to the wrong recipient and provide a framework for liability between financial institutions and users for unauthorized transactions.
Banks in Singapore said they needed more time to alter systems to support new universal payment-notification standards, because of the scale and complexity of the task, the release said.
MAS also said in the release it’s encouraging Singapore residents to enable notification alerts for credit and debit transactions, funds transfers and cash withdrawals as soon as their bank makes them available.
The move follows a series of initiatives by Singapore’s payments authority, working with banks and other payments industry providers, to slash cash usage by standardizing P2P payments infrastructure and policies and promoting the use of a universal QR code for banks, merchants, businesses and individuals to initiate transactions.
Singapore’s SG QR code came into use last year, and MAS requires that all service providers, including e-wallets, must adopt the approach and comply with its security requirements.