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
Aust And New Zealand Bkg Group
Bangkok Bank PCL
Bank Of America NA
Bank Of China Ltd
Bank Of East Asia Ltd
Bank Of India
Bank Of Taiwan
Barclays Bank Plc
BNP Paribas
BNP Paribas Securities Services
Central Depository (Pte) Ltd
Citibank NA
Citibank Singapore Limited
CLS Bank International
Commerzbank Aktiengesellschaft
Credit Agricole CIB, Singapore
Credit Industriel Et Commercial
Credit Suisse AG
CTBC Bank Co., Ltd
DBS Bank Ltd
Deutsche Bank AG
First Commercial Bank, Ltd.
Habib Bank Ltd
HL Bank
Hongkong And Shanghai Bkg Corp Ltd
HSBC Bank (Singapore) Limited 
ICICI Bank Ltd
Indian Bank
Indian Overseas Bank
Industrial And Comm Bk Of China
JPMorgan Chase Bank NA
KEB Hana Bank
LCH Limited
Macquarie Bank Limited
Malayan Banking BHD
Maybank Singapore Limited
Mega International Commercial Bk Co
Mizuho Bank Limited
Monetary Authority Of Singapore
MUFG Bank Ltd, Singapore Branch
National Australia Bank Ltd
NatWest Markets PLC
Oversea-Chinese Bkg Corp Ltd
PT Bank Negara Indonesia (Persero)
RHB Bank Bhd
Royal Bank Of Canada
SGX Derivatives Clearing Limited
Shinhan Bank
Sing Investments And Finance Ltd
Skandinaviska Enskilda Banken Ab
Standard Chartered Bank (S) Ltd
State Bank Of India
Sumitomo Mitsui Banking Corp
Toronto-Dominion Bank
UCO Bank
United Overseas Bank Ltd
Westpac Banking Corporation

as of 31 Aug 2021
Agreement, Terms and Conditions
Publications and References
Documentation and Software

(requires MASNET Account ID to download)

  • List of MEPS+ Participants
  • List of MEPS+ Non-Participants
  • Industry Test Pack
  • User Manuals
  • Operations and Contingency Manual for Participants and Non-Participants
  • MEPS+ Contingency System documentation
  • MEPS+ Software

See also: Payment Systems