Eligible non-bank financial institutions in Singapore soon will have direct access to the country’s retail payment platforms, PayNow and FAST, which will enable e-wallet users to make funds transfers between bank accounts and across different e-wallets. Most e-wallets currently can be topped up only via credit or debit cards and funds cannot be transferred between e-wallets.
To plug this gap, a new API (application programming interface) payment gateway has been developed under guidelines from the Singapore Clearing House Association (SCHA) and Association of Banks in Singapore (ABS), both of which govern FAST and PayNow, respectively. The API is designed to better fit the technology architecture of banks and non-bank financial institutions, according to industry regulator Monetary Authority of Singapore (MAS).
FAST, or Fast and Secure Transfers, is an electronic funds transfer service that allows real-time funds transfers, in Singapore dollars, between entities, while PayNow — running on top the FAST