MAS Electronic Payment System explained

The MAS Electronic Payment System, or MEPS in short, is an SGD-only online interbank payment and fund transfer system in Singapore.^[1] It went online in July 1998, and is owned and operated by the Monetary Authority of Singapore (MAS). The irrevocable transfer of funds and the real-time nature of transfers are some of the key features of MEPS.

As of, the system was upgraded to MEPS+, which includes improved features such as the use of SWIFT message formats and network and automated gridlock detection and resolution.^[2]

See also

• Banking in Singapore

Notes and References

1. Web site: MAS Electronic Payment System (MEPS+). Monetary Authority of Singapore. 24 February 2016. https://web.archive.org/web/20170511115822/http://www.mas.gov.sg/singapore-financial-centre/payment-and-settlement-systems/clearing-and-settlement-systems/meps.aspx. 11 May 2017. dead.
2. Web site: Payment, clearing and settlement systems in Singapore. BIS.org. 24 February 2016. 17. 2011.