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Singapore PayNow Payouts

Solution Overview​

  1. Payout Instrument: Bank Account
  2. Payment use cases:
  • Peer to Peer
  • Business to Peer
  • Business to Business
  1. Destination Corridor: Singapore
  2. Network Speed:
  • Realtime payment processing
  • Availability: 24x7

Solutions Available: API Integration - Payment API V2

Logical Flow​

  1. As part of the remittance instruction, instead of the bank account number of the Beneficiary, the PayNow ID is mentioned
  2. The platform will check if the PayNow ID is a valid ID
  3. If PayNow is valid then the disbursement is processed and the funds arrive in the bank account associated to the given PayNow ID
  4. In case the PayNow ID is invalid then the client is given an error at the time of payment submission itself

Data Flow​

As part of the payment request via Payment API V2, the client needs to send the following variables set in the payout object:

payout_method: PROXY

beneficiary.account__identifier__type: Allowed values - MOBILE, UEN or NRIC

beneficiary.account__identifier__value: PayNow ID of the Beneficiary