Singapore, 19 December 2006...The Monetary Authority of Singapore (MAS) announced today that MEPS+, the new MAS Electronic Payment System, was implemented successfully on 9 December 2006. MEPS+ is the new real-time gross and government securities settlement system that replaces MEPS, which began operation in 1998.
2 As a national interbank payment system, MEPS+ enables participants to make immediate settlement of funds and Singapore Government Securities (SGS) transactions. The system has been operating smoothly since its implementation, settling a daily average of over 11,800 payment transactions worth more than S$62 billion during its first week of operations.
3 MEPS+ provides several improved features over the existing MEPS system. These include:
4 The improvements will help banks to contain their costs in their payment operations as they are now able to maintain just a single platform for both their domestic and international payments. In addition, with the use of international standard payment messages, banks are also able to implement the more efficient straight-through processing for their back-office systems.
5 Mr Heng Swee Keat, Managing Director, MAS, said, "Changes in the financial landscape has led to a need for more efficient liquidity management, improved risk management and more streamlined payment flows. MEPS+ is designed to meet these needs, and to support Singapore's growth as an international financial centre. The financial institutions have worked closely with MAS during the development and implementation of MEPS+. The success of this project owes much to this close cooperation and we thank all involved for their efforts."