MAS Electronic Payment System (MEPS+)
MEPS+ began operating on 9 December 2006. The system provides several improved features over its predecessor, MEPS, including:
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use of SWIFT message formats and network;
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advanced queue management capabilities;
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automated collateralised intra-day liquidity facilities; and
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automated gridlock detection and resolution.
The new features improve the efficiency of MEPS+ in several ways. For example, the use of common SWIFT standards for both domestic and international payments allows for greater straight-through processing and cost savings by banks. Participants are also able to better manage their settlement risk using the advanced queue management capabilities. Gridlock resolution and intra-day liquidity facilities reduce the number and duration of queued transactions, resulting in faster settlement.
These benefits extend well beyond the direct participants of the system to reach MAS' clients, such as International Financial Institutions and other central banks, who are able to hold and settle Singapore Government Securities in MEPS+ on a delivery versus payment basis.
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