paynow corporate

PayNow Corporate

Make and receive payments instantly

At a Glance
PayNow Corporate is a service that allows your business to collect and make payments in Singapore dollars instantly.
lock

Secure

Receive payments into your bank account with your Unique Entity Number (UEN)

login

Simple

Make payments to individuals and businesses without revealing your account number

linear

Seamless

Use QR code to facilitate instant transactions through Scan & Pay

How it Works

Receive with PayNow Corporate

For merchant payments, bill payments and invoice payments.

Step 1: Publish your UEN or QR code on your website, other online channels, or your invoices.

Step 2: Be notified of inward credits – all PayNow transactions will be displayed on IDEAL and your account statements.

Pay with PayNow Corporate

For business/invoice payments, claims and ad hoc payments.

Step 1: Pay other businesses or individuals by using PayNow registered proxies, i.e. UEN or NRIC / mobile number.

Step 2: Receive notifications of successful transactions.

View DBS PayNow Terms and Conditions.

How to Apply

Have access to DBS IDEAL?

Step 1: Log in to DBS IDEAL
Step 2: Go to the “Administration” menu.
Step 3: Click on “Manage PayNow” to register your UEN* for PayNow Corporate.
*Add a 3-digit alpha-numeric suffix to your company’s UEN to create multiple PayNow proxies, which can be linked to multiple bank accounts.

If you do not have access to IDEAL, register now.

New to DBS?

  • Apply online for a Business Account in 5 minutes.
  • Your account will be opened in 1 business day.
FAQs
What is PayNow Corporate?

What is PayNow Corporate?

PayNow Corporate helps you to make and receive payments instantly with just your Unique Entity Number (UEN), without the need to know or disclose any account numbers.

PayNow Corporate is available for FAST and GIRO transactions.

What currencies are supported by PayNow?
Only Singapore dollar funds transfer is available.

What is the transfer limit?

FAST real-time transactions S$200,000
GIRO transactions Unlimited

Can I make PayNow funds transfer to a non-participating bank?

PayNow funds transfer can only be made to a PayNow participating bank.

Register for PayNow

Who is eligible to register for PayNow Corporate?

  • Singapore incorporated entities, government agencies, associations, and societies who have a UEN issued in Singapore and have
  • Singapore bank accounts with participating banks^.

^These include DBS Bank, Citibank, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, United Overseas Bank.

How can I register for PayNow Corporate?
Log into IDEAL and register for PayNow instantly. For non-IDEAL users, download the offline form for your registration.

What types of bank accounts can I link my UEN to?
DBS Multi-Currency Accounts (SGD wallet), SGD Current Accounts, Digital Accounts and Auto-Save Accounts.

Can I register PayNow Corporate for multiple bank accounts?
Yes, you can add a 3-digit alpha-numeric suffix to your company’s UEN to create multiple PayNow proxies linked to multiple bank accounts.

For example, for UEN “123456789X” and a 3-digit alpha-numeric suffix of “a12”, the proxy will be “123456789Xa12”.

Can I link the same proxy to different accounts?
No. 1 unique proxy can only be linked to 1 account.

Can I link my company’s proxy to my personal account when I register for PayNow Corporate?
No, a company’s proxy cannot be linked to a personal account. Learn how to use PayNow for your personal accounts.

Can I link my company’s proxy to an account belonging to a subsidiary?
No, your company’s UEN cannot be linked to other entities’ accounts.

My company is not incorporated in Singapore. Can I register for PayNow Corporate?
PayNow Corporate is only available for entities incorporated in Singapore.

Can I register PayNow Corporate with multiple participating banks?
Yes, you can register for PayNow with multiple participating banks by using 

Receive with PayNow

How can I receive payments with PayNow Corporate?
You can publish your UEN or your PayNow QR code on your bill, invoice, business card, website, app, email and even at in-store counter.

  • Businesses can pay to your UEN via internet or mobile banking.
  • Individuals can scan your QR using a mobile banking app from any PayNow participating banks.

How will I be notified if a PayNow payment is received?
Incoming PayNow FAST and GIRO transactions will be reflected on your bank account statements via IDEAL or IDEAL Connect.

If you have subscribed to eAlerts, you will receive an email confirmation for incoming PayNow transactions.


What information will be reflected on my bank account statement?
When you receive PayNow payments, the following will be reflected on your bank statement:
Inward PayNow
<Customer reference*> <Payer bank transaction reference>
<Purpose code description>
<Payer’s name>
S$ <Amount>

*Customer reference is the reference entered by the payer or embedded in the PayNow QR. The field length is 25 characters.


Will the bank account statement entry reflect PayNow proxy details?
No, the payer’s bank does not pass the proxy details to the beneficiary’s bank during PayNow transactions.

How do I identify payer and payment details like invoice number?
Payer’s name (i.e. payer’s account name as per bank record) will be reflected in your bank account statement for incoming PayNow transactions.

For successful PayNow transactions, the reference numbers (entered by the payer or embedded in PayNow QR) will be shown on the bank account statement for reconciliation purposes.

Are there changes in the MT940 account statements for PayNow receipts?
Yes, it will be written as “Inward PayNow”.

For unidentified receipts, what is the process of returning the funds?
It will be the same as any unidentified receipts today.

Pay with PayNow

How can I make payments with PayNow Corporate?
You can make single or bulk PayNow payments through the following channels:

IDEAL Single or bulk payments
IDEAL Mobile Single payment
IDEAL RAPID Real-time API-based single or bulk payments
IDEAL Connect IDEAL Connect Host-to-host bulk payments

 

What will happen if my beneficiary’s NRIC/mobile number or UEN was not registered for PayNow?
For a single PayNow payment, you will be alerted on the system if the beneficiary is not registered for PayNow after keying in the respective proxy value (NRIC, Mobile or UEN) when initiating the PayNow payment.
For bulk file PayNow payments, you will be notified of the unsuccessful PayNow transactions via the return file for beneficiaries who are not registered with PayNow.


What are the cut-off times for PayNow Corporate payments?

PayNow FAST

Real-time transactions

24x7
PayNow GIRO Transactions 4pm. Cut-off time for PayNow GIRO is earlier than regular GIRO cut-off. This is to allow banks to complete PayNow look-up.

 

Can I include detailed payment advice in my PayNow payment instruction?
As PayNow payments are made through FAST or GIRO, the information fields for PayNow are similar to those for FAST and GIRO.

However, as part of the payment initiation, you can include invoice details or payment advice to be sent to the beneficiary via email (beneficiary advising).

How will I be notified if my PayNow payments are successful?
Outgoing PayNow FAST and GIRO transactions will be reflected on your bank account statements via IDEAL or IDEAL  Connect.

If you have subscribed to eAlerts via IDEAL, you will receive an email confirmation for outgoing PayNow transactions.

What information will be reflected on my bank statement?
When you make PayNow payments, the following will be reflected on your bank statement:

PayNow Transfer
<Customer reference 1> <Transaction reference>
<Proxy Type 2>:<Proxy value 3>
<Purpose code description>
S$ <Amount>

1 Customer reference is the reference entered by the payer. Field length for both FAST and GIRO transactions is 35 characters.
2 Proxy Type will be NRIC, MSISDN (which represents mobile number), or UEN.
3 Proxy value refers to the beneficiary’s proxy, which could be NRIC or mobile number for individuals, and UEN for businesses.

Are there changes in the MT940 account statements for PayNow payments?
Yes, the narration will be “Outward PayNow”.
The recovery process follows the current fund recall procedures.

What will happen if I made payments to an unintended beneficiary?
The recovery process follows the current fund recall procedures.

 
PayNow QR

What is PayNow QR and how does it work?
PayNow QR is a QR representation of your PayNow proxy, with or without the reference number and amount details.

PayNow QR follows the SGQR standard and allows QR Scan & Pay for PayNow FAST transactions between customers from the PayNow participating banks.

As part of the PayNow registration on IDEAL, a PayNow QR code containing only your PayNow proxy will be available for download and sharing.

Using QR significantly reduces manual input required by payers when entering PayNow proxy and lowers the risk of human errors.

What is SGQR?
SGQR is a common QR code standard launched by MAS and IMDA. It establishes a set of universal QR specifications for the payments schemes, e-wallets and banks in Singapore. As a result, it will free the merchants from displaying multiple QR codes to accept different payment schemes.


How can I use PayNow QR to receive payments?
You can generate PayNow QR directly via IDEAL or IDEAL  Mobile and display the QR to receive payments. Banks will also provide PayNow QR specifications for your systems to embed PayNow QR directly into your website, app, point-of-sale, and invoices.

Businesses can scan your QR and make payments using their corporate mobile banking app; individuals can scan your QR using mobile banking app from any PayNow participating banks.

For successful PayNow transactions, both payer’s name and the reference numbers will be reflected on the bank account statement for reconciliation purposes.


How can I use PayNow QR to make payments?
We have enabled QR scanning feature on IDEAL Mobile. Hence, you will be able to scan QR codes on invoices to initiate a PayNow payment in IDEAL Mobile following the maker-checker process.

Others

What will happen when I close the bank account with a PayNow registration?
The PayNow proxy will automatically be de-registered upon account closure. There is no action required from you.

generic