Monetary Authority of Singapore Annual Report 2012/2013

A ROBUST FINANCIAL CENTRE

Payment System (MEPS+)

MAS refreshed the system and application software used by the MAS Electronic Payment System (MEPS+), Singapore’s real-time gross settlement system in May 2012. In November 2012, MEPS+ was upgraded to support the Society for Worldwide Interbank Financial Telecommunication’s (SWIFT) new message format and new business requirements to achieve better risk management and efficiency. MEPS+ handled an average of 18,800 transactions (S$70 billion) per day in 2012, an increase of 8% compared with 2011.

MAS conducts regular contingency exercises with the MEPS+ participants, CLS Bank and SWIFT to ensure that the national payment system remains stable and resilient, to minimise market disruption.