Electronic Deferred Payment

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An Electronic Deferred Payment (EDP) is a new e-payment solution to complement the current suite of e-payment solutions, such as PayNow, FAST, GIRO and MEPS+.

An EDP can be used to make a deferred payment and is a digital alternative to a post-dated cheque, while the EDP+ is a digital alternative to cashier’s orders. 

EDP and EDP+ will be made available via DBS’ digibank and IDEAL platforms for retail and corporate customers, respectively. More information will be provided at launch in mid-2025.

EDP and EDP+ will be made available at launch via DBS’ digibank and IDEAL platforms for retail and corporate customers, respectively. There is no need to sign up.

The industry will be launching the EDP and EDP+ in mid-2025. More details will be announced.

At the outset, EDP and EDP+ will only be available for domestic payments in SGD. For international payments, or payments in USD, the issuer may continue to use any prevailing payment methods offered by DBS, such as telegraphic transfers.

DBS has put in place various measures and controls to safeguard consumers from scams. Working closely with the Singapore Police Force, Monetary Authority of Singapore and other government agencies, banks continuously tune their controls to counter prevailing scam types, and enhance their anti-scam capabilities as new techniques and technologies become available.

Combating scams requires the effort and cooperation of everyone – banks, ecosystem players and also customers. Public awareness and staying vigilant are key – and banks will continue their efforts to keep customers abreast of prevailing and emerging scam methods and remind them to stay alert. Customers should:

• Not share your bank account details, password and OTP with anyone  
• Pay close attention to notification alerts sent by your bank. According to MAS’ E-Payments User Protection Guidelines, a bank account holder needs to provide their bank with the required contact information and enable notification alerts on any device used to receive the alerts via channels such as SMS, email or in-app push notification. 
• Use the bank’s official platforms to execute transactions  
• Not transfer money to anyone you do not know  
• Not click on links and QR codes received in mobile text messages and e-mails

Customers are strongly advised to also practice good cyber hygiene, including:

• Not downloading software or apps that are not found on official sources   
• Disabling “install unknown app” or “unknown sources” in device settings   
• Staying vigilant in granting app permissions   
• Installing the latest anti-virus apps in your devices  
• Keeping the operating system of your devices updated so that the device may be protected with the latest security patches