The Association of Banks in Singapore (ABS) has announced the launch of PayNow Corporate. The launch will enable businesses to pay and receive funds in domestic currency at their local bank accounts.
The new service is an extension of the earlier-launched PayNow. PayNow enables peer-to-peer instant fund transfers by utilising the benefactor’s mobile or NRIC number.
PayNow Corporate will be available for all businesses, corporate and government agencies that link their unique entity numbers to their bank accounts in Singapore.
The introduction of the new service is part of ABS’ strategy to enable smooth transfer of funds. The end goal is for businesses, retail customers and government agencies to seamlessly transfer money round the clock.
Currently, seven banking institutions are associated with the service. Those institutions include Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
Retail customers of these seven banks can use PayNow for making payments to businesses as well as receiving payments from the government. This is also the case for customers of Bank of China and ICBC,
ABS director Ong-Ang Ai Boon said: “The launch of PayNow Corporate follows from last year’s successful launch of PayNow peer-to-peer funds transfer service that enables instant payments via mobile, NRIC or FIN numbers.
“I am pleased that PayNow brings together a full of suite of funds transfer services among retail customers and between businesses and government agencies.”
PayNow Corporate incorporates the QR code payment function to increase payment channels.
The PayNow QR code will be made available later this year as part of the Singapore Quick Response (SG QR) Code.