# FAST Singapore > Source: https://docs.barcoder.ai/docs/standards/fast-singapore > research date 2026-10-19 · extracted at 2026-10-19 > Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards Specifications: - [FAST Fact Sheet (participants, account types and number formats), ABS, 7 Jul 2026](https://abs.org.sg/docs/library/2026-07-07-fast-fact-sheet.pdf) - [FAST - Fast and Secure Transfers (links the current fact sheet and FAQ), ABS](https://www.abs.org.sg/consumer-banking/fast) - [Payment Systems (FAST as a designated SWIPS), Monetary Authority of Singapore](https://www.mas.gov.sg/regulation/payments/payment-systems) - [World Bank Fast Payments Toolkit, Case Study: Singapore FAST (October 2021)](https://fastpayments.worldbank.org/sites/default/files/2021-10/World_Bank_FPS_Singapore_FAST_Case_Study.pdf) ## Overview > **Note on classification.** FAST is **not a QR or barcode symbology**. It is the interbank rail underneath [PayNow QR](https://docs.barcoder.ai/docs/standards/paynow-qr) and [SGQR](https://docs.barcoder.ai/docs/standards/sgqr), so the wiki shows no playground for this page. Not to be confused with Türkiye's [FAST](https://docs.barcoder.ai/docs/standards/fast) (Fonların Anlık ve Sürekli Transferi), a separate system. **FAST (Fast And Secure Transfers)** is Singapore's electronic funds transfer service for moving Singapore dollars between accounts at participating banks and non-bank financial institutions (NFIs) "almost instantly", 24×7, 365 days a year [2][2], [3][3]. It was launched on **17 March 2014** [1][1], [8][8]. FAST is owned by the **Singapore Clearing House Association (SCHA)**, operated by **Banking Computer Services Pte Ltd (BCS)**, and settles between participants on **MEPS+**, the Monetary Authority of Singapore's RTGS system [10][10]. MAS designates it a system-wide important payment system (SWIPS) [8][8]. In 2025 FAST carried **642 million transactions worth S$797.7 billion** [11][11]. ## History - **Before FAST.** Instant transfers were available only between accounts at the same bank; an interbank transfer could take up to three working days [3][3], [10][10]. The World Bank calls FAST's introduction "largely market driven" [10][10]. - **10 March 2014.** The Association of Banks in Singapore (ABS) announced that FAST would go live at 8.00 am on 17 March 2014 with **14 participating banks**: ANZ, CIMB, Citibank, DBS/POSB, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC, RHB, The Royal Bank of Scotland, Standard Chartered, SMBC and UOB [4][4]. - **17 March 2014: launch.** More than 33,000 transactions worth S$64 million went through in the first two days [5][5]. - **8 May 2015.** The per-transaction limit rose from S$10,000 to S$50,000 at corporate users' request; FAST was then carrying over 1 million transactions a month [6][6]. - **18 September 2015.** Bank of China, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Hong Leong Bank and Mizuho joined, taking FAST to **19 banks**; 18 million transactions had been made since launch [7][7]. - **10 July 2017.** ABS launched [PayNow QR](https://docs.barcoder.ai/docs/standards/paynow-qr) (PayNow), a proxy-addressing service that runs on FAST [13][13]. The World Bank reports that corporate uptake of FAST was limited until 2016–17 and that PayNow boosted adoption [10][10]. The limit was later raised to **S$200,000** per transaction [10][10]. - **September 2018.** MAS took the policy decision to give NFIs such as major e-wallet providers direct access to FAST and PayNow [9][9]. - **30 November 2020.** MAS announced that NFIs licensed as major payment institutions could connect directly from February 2021, through a new API payment gateway built by the Direct FAST Working Group (BCS, ABS, eight banks and six NFIs) [9][9]. - **8 February 2021.** The first NFIs went live on FAST [2][2], [3][3]. - **29 April 2021 onward.** PayNow, and so FAST underneath it, was linked to Thailand's PromptPay (29 April 2021), India's UPI (February 2023) and Malaysia's DuitNow (November 2023) [14][14], [15][15], [16][16]. ## Technical specification FAST defines **no symbol and no consumer payload**. What the sources describe is a clearing and settlement arrangement: | Layer | What the sources show | |---|---| | **Owner / governance** | Singapore Clearing House Association (SCHA) [9][9], [10][10] | | **Operator** | Banking Computer Services Pte Ltd (BCS), set up in 1976 and owned by NETS according to the World Bank [10][10]. BCS's chairman called it "the operator of FAST and PayNow" [9][9], [14][14] | | **Overseer** | MAS, which designates FAST a SWIPS under the Payment Services Act [8][8] | | **Messaging** | ISO 20022 between participants and the automated clearing house (ACH), from launch [8][8], [10][10] | | **Clearing** | Instant, by the Singapore Automated Clearing House (SACH) [10][10] | | **Settlement** | Deferred net settlement in **two cycles per business day** on MEPS+; participating banks post collateral with MAS to cover their net outflow position and that of NFIs they settle for, or they are cut off [10][10] | | **Speed** | "Almost immediate", 24×7 [2][2]; the World Bank gives under 15 seconds [10][10] | | **Currency** | SGD only; no transfers to overseas accounts [3][3] | | **Limit** | Up to S$200,000 per transaction, subject to each institution's own limits [3][3] | | **Instruments** | Credit transfers and direct debits [10][10]; some banks offer collection of payment via FAST [8][8] | | **Addressing** | The recipient's account number; the name is "for reference purposes only" [3][3]. Proxies (mobile, NRIC/FIN, UEN, VPA) belong to the PayNow overlay [13][13] | | **NFI access** | API payment gateway launched in November 2020 [9][9], [10][10] | **Account numbers.** The ABS fact sheet is the closest thing to a public interface document. It lists, per participant, the accepted account types and digit lengths, entered as numbers only with no dash or space: for example DBS 10 digits and POSB 9, OCBC 10 digits (savings) or 12 (current), and 10 to 19 for its Virtual Account Service, and GPay Network wallet numbers of 5 to 15 digits [2][2]. **Spec availability.** No public FAST message specification (ISO 20022 message set, usage guidelines) was found. MAS and the World Bank say only that ISO 20022 is used [8][8], [10][10]. ## Use cases - **Person-to-person and account-to-account transfers.** ABS presented FAST as a replacement for cash and cheques between people [7][7]. - **Business payments.** The 2015 limit increase was made for corporate users [6][6]. UOB offers FAST to businesses through its Infinity platform, file transfer and APIs [19][19]. The World Bank lists merchant (P2B and B2B) and bill payments [10][10]. - **Mobile, QR and proxy payments via PayNow.** PayNow sends funds "through FAST" using a mobile number, NRIC/FIN or VPA, and PayNow QR is integrated with SGQR [13][13]. By November 2020 PayNow made up almost half of FAST's monthly volume [9][9]. - **Government disbursements.** The World Bank credits PayNow-based government payouts with boosting uptake [10][10]. - **E-wallet interoperability.** Direct NFI access lets e-wallet users move money between bank accounts and e-wallets and across e-wallets, which most e-wallets could not do before [9][9]. - **Cross-border remittances.** The PayNow links to Thailand, India and Malaysia run over gateways built by BCS and the partner operator [14][14], [15][15], [16][16]. ## Implementations There is no open-source encoder or decoder, since there is nothing to encode. FAST is implemented by its participants. The ABS fact sheet of 7 July 2026 lists **32 participating bank entities** (from Anext Bank to United Overseas Bank, with Hong Leong Finance effective 27 August 2026) and **7 NFIs**: GPay Network, Liquid Group, MatchMove Pay, NIUM, SingCash, Wise Asia-Pacific and Xfers [2][2]. The World Bank's 2021 count was 28 (23 banks, 5 NFIs), with no indirect participants [10][10]. Mastercard's Vocalink helped implement FAST's immediate transfers and debit requests [10][10]. Helpdesk enquiries go to BCS (FAST@bcs.sg) [2][2]. ## Comparison | | FAST (SG) | Inter-bank GIRO (SG) | MEPS+ (SG) | [FAST](https://docs.barcoder.ai/docs/standards/fast) (TR) | |---|---|---|---|---| | Role | Retail instant transfers [2][2] | Batch direct debits and credits [8][8] | RTGS; settles FAST [10][10] | Retail instant payments [18][18] | | Funds received | Almost immediately, 24×7 [2][2] | Up to 3 business days [2][2] | — | 24/7 [18][18] | | MAS classification | SWIPS [8][8] | SWIPS [8][8] | SIPS [8][8] | — | | Launched | 17 Mar 2014 [8][8] | — | 9 Dec 2006 [10][10] | 8 Jan 2021 [18][18] | | Operator | BCS for SCHA [10][10] | ACH [8][8] | MAS [10][10] | Central bank (CBRT) [18][18] | | ISO 20022 | From launch [8][8] | Since March 2015 [8][8] | — | — | **When to choose which.** FAST suits a transfer that must arrive at once to a known account number, up to S$200,000 [3][3]. If you only have the payee's phone number, UEN or a QR code, you use PayNow, which still settles over FAST [13][13]. GIRO remains for transfers to non-participating banks [3][3] and, as of 2026, for larger payments to government agencies [17][17]. ## Fun facts - **A shifting count.** ABS's FAQ of 5 February 2021 named 21 institutions in one answer and then spoke of "24 participating banks", "20 participating banks", "5 NFIs" and a list of six NFIs within the same document [20][20]. The current FAQ simply refers readers to the fact sheet [3][3]. - **From launch volumes to today.** The first two days carried 33,000 transactions [5][5]; in H2 2025 alone FAST carried 344 million [11][11]. ## Status **Active and growing.** Annual FAST volume rose from 380 million transactions in 2023 [12][12] to 500 million (S$661.7 billion) in 2024 and 642 million (S$797.7 billion) in 2025. Average size fell from S$1,323 to S$1,242 [11][11]. ABS updated the fact sheet on 7 July 2026 and the FAQ on 23 July 2026 [1][1]. On 25 June 2026 MAS and ABS announced a **PayNow Generation 2** study of the national instant-payments infrastructure. Its priorities are PayNow–NETS QR interoperability (pilot by end-2026), deep links in PayNow QR codes, larger-value payments to government agencies, and longer-term capabilities such as request-to-pay, structured reconciliation data and a micro-payments rail. An implementation roadmap is due by end-2026 [17][17]. No successor to FAST has been announced. Country context: [Singapore report](https://docs.barcoder.ai/docs/payments/SG). ## Sources [1]: https://www.abs.org.sg/consumer-banking/fast "FAST - Fast and Secure Transfers — The Association of Banks in Singapore" [2]: https://abs.org.sg/docs/library/2026-07-07-fast-fact-sheet.pdf "Fast And Secure Transfers – Fact Sheet — ABS, last update 7 Jul 2026" [3]: https://abs.org.sg/docs/library/fast-faq---23-jul-2026.pdf "Fast And Secure Transfers – FAQ — ABS, updated 23 Jul 2026" [4]: https://www.abs.org.sg/docs/library/media_release_fast_web_20140310.pdf "New electronic funds transfer service FAST launching in Singapore on 17 March 2014 — ABS, 10 Mar 2014" [5]: https://www.abs.org.sg/docs/library/media_release_fast_web_20140319.pdf "Successful launch of new electronic funds transfer service FAST — ABS, 19 Mar 2014" [6]: https://www.abs.org.sg/docs/library/mediarelease_20150505.pdf "Increase in transaction limit for FAST — ABS, 5 May 2015" [7]: https://www.abs.org.sg/docs/library/mediarelease_20150917.pdf "Five more banks to offer FAST — ABS, 17 Sep 2015" [8]: https://www.mas.gov.sg/regulation/payments/payment-systems "Payment Systems — Monetary Authority of Singapore" [9]: https://www.mas.gov.sg/news/media-releases/2020/non-bank-financial-institutions-to-have-access-to-fast-and-paynow "Non-Bank Financial Institutions to have Access to FAST and PayNow — MAS, 30 Nov 2020" [10]: https://fastpayments.worldbank.org/sites/default/files/2021-10/World_Bank_FPS_Singapore_FAST_Case_Study.pdf "World Bank Fast Payments Toolkit, Case Study: Singapore FAST — World Bank, Oct 2021" [11]: https://www.mas.gov.sg/-/media/mas-media-library/statistics/payment-statistics/semi-annual-retail-payment-statistics/retail-payment-statistics-h2-2025.pdf "H2 2025 Retail Payment Statistics — MAS" [12]: https://www.mas.gov.sg/-/media/mas-media-library/statistics/payment-statistics/semi-annual-retail-payment-statistics/retail-payment-statistics-h2-2024-1.pdf "H2 2024 Retail Payment Statistics — MAS" [13]: https://abs.org.sg/docs/library/paynow-fact-sheet-2026.pdf?sfvrsn=8d25d96f_1 "PayNow: Fact Sheet — ABS, June 2026" [14]: https://abs.org.sg/docs/library/paynow-and-thailand-s-promptpay-complete-the-world-s-first-faster-payment-systems-linkage.pdf "PayNow and Thailand's PromptPay complete the world's first faster payment systems linkage — ABS, 29 Apr 2021" [15]: https://abs.org.sg/docs/library/pnupi-factsheet-v1-0.pdf "PayNow-UPI Linkage – Fact Sheet — ABS, 21 Feb 2023" [16]: https://abs.org.sg/docs/library/pndn-factsheet.pdf "PayNow-DuitNow Linkage – Fact Sheet — ABS, 17 Nov 2023" [17]: https://www.mas.gov.sg/news/media-releases/2026/mas-and-abs-chart-instant-payments-enhancements-with-paynow-generation-2-study "MAS and ABS Chart Instant Payments Enhancements with PayNow Generation 2 Study — MAS, 25 Jun 2026" [18]: https://www3.tcmb.gov.tr/yillikrapor/2025/en/m-2-5/ "Annual Report 2025, 2.5 Financial Infrastructure — CBRT" [19]: https://www.uob.com.sg/business/transact/payments/fast.page "FAST (Fast and Secure Transfers) — UOB Business" [20]: https://www.abs.org.sg/docs/library/fast-faq.pdf "Fast And Secure Transfers – FAQ — ABS, updated 5 Feb 2021" [sg-cro]: https://docs.barcoder.ai/docs/payments/SG - [1] [FAST - Fast and Secure Transfers][1] — The Association of Banks in Singapore, accessed 2026 - [2] [FAST Fact Sheet, 7 July 2026][2] — ABS, accessed 2026 - [3] [FAST FAQ, 23 July 2026][3] — ABS, accessed 2026 - [4] [FAST launch announcement, 10 March 2014][4] — ABS, accessed 2026 - [5] [Successful launch of FAST, 19 March 2014][5] — ABS, accessed 2026 - [6] [Increase in transaction limit for FAST, 5 May 2015][6] — ABS, accessed 2026 - [7] [Five more banks to offer FAST, 17 September 2015][7] — ABS, accessed 2026 - [8] [Payment Systems][8] — Monetary Authority of Singapore, accessed 2026 - [9] [Non-Bank Financial Institutions to have Access to FAST and PayNow][9] — Monetary Authority of Singapore, accessed 2026 - [10] [Case Study: Singapore FAST][10] — World Bank Fast Payments Toolkit, accessed 2026 - [11] [H2 2025 Retail Payment Statistics][11] — Monetary Authority of Singapore, accessed 2026 - [12] [H2 2024 Retail Payment Statistics][12] — Monetary Authority of Singapore, accessed 2026 - [13] [PayNow: Fact Sheet][13] — ABS, accessed 2026 - [14] [PayNow and Thailand's PromptPay linkage][14] — ABS, accessed 2026 - [15] [PayNow-UPI Linkage Fact Sheet][15] — ABS, accessed 2026 - [16] [PayNow-DuitNow Linkage Fact Sheet][16] — ABS, accessed 2026 - [17] [PayNow Generation 2 study][17] — Monetary Authority of Singapore, accessed 2026 - [18] [CBRT Annual Report 2025, section 2.5][18] — Central Bank of the Republic of Türkiye, accessed 2026 - [19] [FAST (Fast and Secure Transfers)][19] — UOB, accessed 2026 - [20] [FAST FAQ, 5 February 2021][20] — ABS, accessed 2026 - [Singapore report](https://docs.barcoder.ai/docs/payments/SG) `reports/countries/SG-singapore.md` ## Deployments _No country reports mention this standard by name._