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PayNow Corporate Frequently Asked Questions


 

A.About PayNow Corporate

1.What is PayNow?

PayNow is an electronic funds transfer service that allows eligible users (corporate entities or individuals) to transfer Singapore dollar funds instantly between such users’ bank accounts by using a unique identifier, being (in the case of a corporate entity) its Unique Entity Number (UEN), (in the case of an individual) its mobile phone number or NRIC/FIN number or (in both cases) its PayNow QR Code or Virtual Payment Address (VPA) , without requiring any bank account details to be disclosed.

2.What is PayNow Corporate and VPA?

PayNow Corporate enables corporate entities to use PayNow.

Virtual Payment Address (VPA) is an identifier used by the Non-Bank Financial Institutions(NFIs) that can be uniquely mapped to an individual account. VPA helps customers distinguish between PayNow registrations that are linked to bank accounts, from those linked to NFIs e-wallets. Customers can make fund transfer to participating NFIs (Grab, Liquid Pay and Singtel Dash) via PayNow with VPA.

3.What can a corporate entity use PayNow Corporate for?

A corporate entity can use PayNow Corporate to:

  • send Singapore dollar funds to the bank account of any other PayNow registered user via PayNow (e.g. staff salary, bill payments, claims, etc.); and
  • receive Singapore dollar funds to its bank account via its UEN and/or PayNow QR Code (e.g. invoice receipts, retail sales, etc.).

4.What corporate entities are eligible to receive funds via PayNow?

Corporate entities which are registered or incorporated in Singapore with a valid UEN issued by the Accounting and Corporate Regulatory Authority of Singapore or such other relevant government agency, and who have a valid Singapore bank account registered for PayNow Corporate with one of the PayNow participating banks, are eligible to receive funds by PayNow.

If you are not registered with PayNow Corporate, you will not be able to receive funds via PayNow.

5.Who are the participating banks for PayNow Corporate?

  • ANZ
  • BNP Paribas
  • BOC
  • CIMB
  • Citibank
  • DBS Bank/POSB
  • Deutsche Bank
  • HSBC
  • ICBC
  • JP Morgan
  • Maybank
  • OCBC Bank
  • SMBC
  • Standard Chartered Bank
  • UOB

6.Who are the major payment institutions?

  • Grab Pay
  • Liquid Pay
  • Singtel Dash

B.PayNow Corporate Registration

1.How do I register for PayNow Corporate with BOC?

You can register for PayNow Corporate with BOC via BOC Corporate Online Banking. During registration, you will need to:

  • select the relevant BOC Singapore dollar corporate account to link to PayNow Corporate
  • select the relevant Corporate Proxy to be used (e.g. UEN / UEN with Suffix)

The above registration process can be done by one IB user.

If you do not have BOC Corporate Online Banking, you may apply for this service by contacting your relationship manager or any BOC branches.

2.Are there any Terms and Conditions that I would need to agree to in order to use or register for PayNow Corporate?

In order to use or register for PayNow Corporate, please note that you will need to agree to the Terms and Conditions Governing the Use of PayNow Corporate with BOC, in addition to the Terms and Conditions Governing Accounts, the Terms and Conditions Governing Electronic Banking Services and any other specific terms and conditions as may be set out in this FAQ.

3.What is a Corporate Proxy?

A Corporate Proxy refers to a corporate entity’s unique identifier used to link its bank account(s) to PayNow Corporate with a participating bank in order to send or receive funds via PayNow, and typically refers to the UEN. One Corporate Proxy may only be linked to one bank account.

If you wish to register for PayNow Corporate with more than one bank account or with more than one participating bank, you may create multiple Corporate Proxies by including an optional 3 character (alpha-numeric) suffix to your UEN, which can then be linked to multiple bank accounts (whether with the same bank or with different banks).

Sample Customer UEN 3 Character (alpha-numeric) Suffix Corporate Proxy
201812345X - 201812345X
201812345X A10 201812345XA10

4.What types of bank accounts can I link PayNow Corporate to via my Corporate Proxy?

Only Singapore dollar corporate accounts (other than a corporate fixed deposit or loan account) registered to you are eligible to be linked to PayNow Corporate using your Corporate Proxy.

5.Can I change the Nickname associated with my Corporate Proxy?

No. Your Nickname will be your corporate entity’s registered account name in BOC’s records, and cannot be amended. This Nickname will enable any sender of funds to verify that he/she is indeed transferring funds to the right party.

6.What happens if I close the bank account linked to my Corporate Proxy?

Once you close your bank account, the Corporate Proxy linked to that bank account will be automatically de-registered, and you will be notified of this de-registration accordingly via email.

7.Can I change the bank account linked to my Corporate Proxy?

Yes, you may change the bank account linked to your Corporate Proxy by using the “Edit” option via BOC Corporate Online Banking.

C.PayNow QR Code and SGQR Code

1.What is a PayNow QR Code?

A PayNow QR Code refers to a quick response (QR) code that allows a PayNow registered user to receive funds instantly via PayNow without being required to manually provide its proxy information to the sender.

2.How do I generate a PayNow QR Code?

As PayNow QR is now part of SGQR, you may generate a PayNow SGQR Code by submitting a SGQR Application Form to the bank. The PayNow SGQR Code generated will be a static QR code which will only embed your proxy and bank account information, and senders will still be required to input the specific payment amount and payment reference for the transfer.

If you require to generate a dynamic PayNow QR Code, which will embed payment amount and payment reference information in addition to your proxy and bank account information, please contact your BOC relationship manager or visit any BOC branch for assistance.

3.What is the transfer limit for PayNow SGQR Code?

The transfer limit via PayNow SGQR code is up to SGD5000.

However, please note that some PayNow banks allow a higher transfer limit, you can check with the respective banks.

4.What is SGQR Code?

Singapore Quick Response (SGQR) Code is a single QR code that combines multiple QR payment solutions into one via a unified QR code. Under SGQR, a customer can make any QR payment (including a PayNow QR payment) to a merchant instantly by scanning that merchant’s SGQR via his/her bank’s mobile banking application.

5.How is SGQR relevant to the PayNow QR Code?

The PayNow QR code is available with SGQR from 11 November 2019. The incorporation of PayNow into the SGQR enhances the experience and makes it simpler for consumers and billing organisations to use PayNow. Billers need not generate and display a separate PayNow QR code to collect payments by PayNow, as SGQR combines multiple payment QR codes into a single QR label. Consumers just need to scan the SGQR code and pay by PayNow using their existing mobile banking applications.

6.Do I need to replace my existing PayNow QR Code with a SGQR Code?

Yes, the existing PayNow QR code displayed at your stores/offices to collect payments will need to be replaced with the SGQR Code. You may approach BOC to assist you in the application of SGQR with PayNow.

More information on PayNow QR / SGQR may be found at

https://abs.org.sg/docs/library/paynow-launch---business-faqs.pdf

https://www.mas.gov.sg/development/e-payments/sgqr

D.Transfers using PayNow

1.Can I make a PayNow funds transfer if I am not registered for PayNow Corporate?

Yes. As long as the recipient is registered with PayNow, you can make a PayNow funds transfer to him/her using his/her proxy information without having to be registered for PayNow Corporate.

2.How do I make a PayNow funds transfer to a recipient?

You may make a PayNow funds transfer to a recipient via BOC Corporate Online Banking so long as such recipient is registered with PayNow and has provided you with his/her proxy information.

You can make funds transfers to both corporate entities and individuals via PayNow.

3.Can I make a batch PayNow transfer?

Yes. You can make batch PayNow transfers by following the relevant instructions to upload the batch payment file on BOC Corporate Online Banking.

4.Can I use PayNow to transfer funds to a bank account overseas?

No. PayNow can only be used for Singapore Dollar funds transfers between participating banks in Singapore.

5.How would I know if my intended recipient is registered with PayNow?

You can perform a “Lookup” under the BOC Corporate Online Banking. If your intended recipient is registered with PayNow, the intended recipient’s Nickname will be displayed for your verification.

If your intended recipient is not registered with PayNow, there will be a message to inform you that your intended recipient is not registered with PayNow.

6.What will happen if my intended recipient is not registered with PayNow?

If your intended recipient is not registered with PayNow, you will not be able to perform any funds transfer to him/her via PayNow.

7.How can I ensure that the party I am transferring funds to is the correct recipient?

To ensure that the party you are transferring funds to is the correct recipient, when the recipient’s Nickname is displayed after the “Lookup” has been performed on BOC Corporate Online Banking, please ensure that the Nickname belongs to the said party to whom you are transferring the funds.

8.How long does it take to receive payments via PayNow?

PayNow fund transfers using BOC Corporate PayNow are made via FAST, so the PayNow recipient is expected to receive the funds almost immediately after payment has been completed.

9.What is the transfer limit for PayNow?

The daily transfer limit for PayNow transfers is the same as your daily local transfer limit for FAST on BOC Corporate Online Banking.

  • Each PayNow funds transfer has the same limit as a FAST transaction (up to S$200,000).
  • All PayNow transfers will require you to perform transaction signing (using your E-Token).

10.What are the operating hours of PayNow?

PayNow is available 24/7 x 365 days a year.

11.What if I accidentally transfer funds to the wrong recipient?

If you have transferred funds to a wrong or unintended recipient, please call our bank for assistance via our 24-hour customer service hotline at 1800 66 95566 or + (65) 677 95566 (if dialling from overseas) immediately.

In addition, you are strongly encouraged to lodge a police report and be responsive to police investigations.

The Bank will try its best to recover the funds on your behalf. However, please note that the Bank does not guarantee successful recovery of such funds and you are encouraged to be prudent to in checking the recipient’s Nickname and proxy details before submitting any funds transfer.

12.What if I receive an unexpected payment from an unknown source via PayNow?

If you become aware of or have been informed that you have received any funds through PayNow that you are not entitled to, please inform the Bank promptly by calling our 24-hour customer service hotline at 1800 669 5566 or +(65) 6779 5566 (if dialling from overseas) so that we may take the necessary steps to reverse such transaction.

Please note that if we are informed by the sender of any funds (or any authorised representative) that a transfer was made to you erroneously, we shall have the right to, and may reverse such transaction, pursuant to our Terms and Conditions Governing Accounts without further reference to you. If you wish to dispute the error alleged by the sender, you may approach the sender of the funds directly.

We wish to highlight that under Section 403 of the Penal Code, it is a criminal offence to hold or use funds that do not belong to you.

13.How will PayNow transfers appear on my bank statement?

PayNow transactions appearing on your bank statement will include the term "PayNow" for reference.

14.How will I know if the outgoing PayNow transfer is successful?

Simply log onto BOC Corporate Online Banking to check the status of your outgoing PayNow transfer, by clicking on “Account Services > BOC Account > Tick ‘PayNow Account’ > Enquiry”.

You will also receive an email notification on the status of your PayNow transfer.

15.How will I know if the incoming PayNow transfer is successful?

Check your PayNow credit email notification or simply log onto BOC Corporate Online Banking to check the status of your incoming PayNow transfer, by clicking on “Account Services > BOC Account > Tick ‘PayNow Account’ > Enquiry”.

DO NOT rely on payment screenshot as a means to confirm successful credit.

E.Others

1.Are there any fees associated with using PayNow Corporate?

There are no fees/charges associated with using PayNow Corporate for the time being.

2.Is PayNow operated by a third party service provider? Will my data be shared with this third party service provider?

PayNow is currently being managed by a third-party service provider appointed by the industry-wide scheme owner for PayNow.

To facilitate the seamless Lookups of PayNow proxies across all PayNow participating banks, all PayNow related data will be stored in a central database operated by this third-party service provider. Adequate measures have been implemented to ensure the integrity, security and confidentiality of such data.

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