MAS Electronic Payment System (MEPS+)
MEPS+ is MAS' real-time gross settlement system. It began operating on 9 December 2006.
The system's features include:
- Use of SWIFT message formats and network.
- Advanced queue management capabilities.
- Automated collateralised intra-day liquidity facilities.
- Automated gridlock detection and resolution.
The features have improved 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.
Direct Participants
Anext Bank Pte. Ltd.
Australia And New Zealand Banking Group Limited
Bangkok Bank PCL
Banco Santander S.A.
Bank Of America NA
Bank Of China Ltd
Bank Of East Asia Ltd
Bank Of India
Bank Of Taiwan
Barclays Bank Plc
BNP Paribas
Cathay United Bank
Central Depository (Pte) Ltd
China Construction Bank
CIMB Bank BHD
Citibank NA
Citibank Singapore Limited
CLS Bank International
Commerzbank Aktiengesellschaft
Credit Agricole CIB, Singapore
Credit Industriel Et Commercial
CTBC Bank Co., Ltd
DBS Bank Ltd
Deutsche Bank AG
First Abu Dhabi Bank P.J.S.C.
First Commercial Bank, Ltd.
Green Link Digital Bank Pte Ltd
GXS Bank Pte Ltd
Habib Bank Ltd
HL Bank
Hongkong And Shanghai Bkg Corp Ltd
Hong Leong Finance Limited
HSBC Bank (Singapore) Limited
ICICI Bank Ltd
Indian Bank
Indian Overseas Bank
Industrial And Comm Bk Of China
ING Bank NV
JPMorgan Chase Bank NA
KEB Hana Bank
LCH Limited
Malayan Banking BHD
MariBank Singapore Private Limited
Maybank Singapore Limited
Mega International Commercial Bk Co
Mizuho Bank Limited
Monetary Authority Of Singapore
MUFG Bank Ltd, Singapore Branch
Natixis
Oversea-Chinese Bkg Corp Ltd
PT Bank Negara Indonesia (Persero)
RHB Bank Bhd
Royal Bank Of Canada
SGX Derivatives Clearing Limited
Shanghai Pudong Development Bank Co., Ltd
Sing Investments And Finance Ltd
Skandinaviska Enskilda Banken Ab
Standard Chartered Bank (S) Ltd
State Bank Of India
Sumitomo Mitsui Banking Corp
Trust Bank Singapore Limited
UBS AG
UCO Bank
United Overseas Bank Ltd
as of 26 June 2026
Forms
- Enable/Update MEPS+ Authentication Administrator Account(s) (123.3 KB)
- MEPS+ Liaison Officer Nomination Form (229.3 KB)
- MEPS+ Test Environment Request Form (39 KB)
- MEPS+ Statement/Notification Recipient Change Form (Effective 1 Dec 2025) (145 KB)
- Authorised Signatories List for Manual Instructions, including Fund Transfer and Cancellation Instructions (Annex 1) (69.4 KB)
- Authorised Signatories List for Manual Fund Transfer and Cancellation Instructions from Merchant Bank (Annex 1) (14 KB)
- Authorised Signatories List for Manual Singapore Government Securities and MAS Bills Instructions (Annex 2) (23.9 KB)
Agreement, Terms and Conditions
- MEPS+ Service Agreement (544.1 KB)
- Terms and Conditions governing the operation of the Current Account of the Specified Institution (354.7 KB)
- Terms and Conditions governing the operation of the accounts for Singapore Government Securities and MAS Bills (254.8 KB)
- Terms and Conditions governing the operation of the Current Account of the Merchant Bank (348.8 KB)
- Terms and Conditions governing the operation of the Custody Cash Account (requires login to MAS-Tx using SingPass/CorpPass to download under circulars)
Publications and References
- Principles for Financial Market Infrastructures Disclosure (2024) (657.5 KB)
- Principles for Financial Market Infrastructures Disclosure (2022) (640.8 KB)
- Principles for Financial Market Infrastructures Disclosure (2020) (862.2 KB)
- Principles for Financial Market Infrastructures Disclosure (2018) (456.4 KB)
- Principles for Financial Market Infrastructures Disclosure (2016) (423.3 KB)
- MEPS+ SWIFT Service Subscription (1.14 MB)
- Industry Engagement Report for MEPS+ Technical Architecture Design Phase (924 KB)
- MEPS+ ISO20022 Adoption Study Final Consultancy Report (298.8 KB)
- MEPS+ Non-Participant STP Fund Transfer pacs.009 Format_September 2026 (261.5 KB)
Documentation and Software
(requires login to MAS-Tx using Singpass/CorpPass to download under Circulars)
- List of MEPS+ Participants
- List of MEPS+ Non-Participants
- Industry Test Pack
- User Manuals
- Operations and Contingency Manual for Participants and Non-Participants
- MEPS+ Software
Statistics
See also: Payment Systems