NETS Bulk Payment
Singapore’s choice for low value inter-bank scheduled payment system, NETS Bulk Payment processes scheduled bulk payment transactions efficiently and securely with the latest financial industry messaging standards.
Why choose NETS Bulk Payment for your business
Same-day clearanceNo matter the volume, NETS Bulk Payment provides same-day clearing capabilities with both outward and inward returns completed on the same day. NETS Bulk Payment can also be configured to allow for multiple clearing and settlement windows of your choice according to your needs.
Seamless connectivityA high volume payment solution that uses international financial messaging standards ISO 20022, NETS Bulk Payment provides improved interoperability for banks to transmit and receive bulk payments to and from the Clearing House electronically anywhere via a secure communication channel.
Flexible configurationNETS Bulk Payment allows for multiple ways to receive process and route transactions to and from the clearing house via a browser-based system or NETS Gateway for straight-through processing (STP). The STP system enables fully automated uploading and downloading of files to and from the clearing house.
Accuracy assuredThe maker-checker application accessible via web portal ensures that messages sent are verified and authorised. This establishes the accuracy of transactions and offers a means for correction, if required.
High-speed with the ability to process a million transactions within a specific window
World’s first bulk payment system to use the Payment and Clearing Settlement (PACS) message set in Payments catalog with ISO 20022 messaging standards
Single view of debit and credit transactions
Supports multi-currencies enabling cross-border capabilities
NETS Bulk Payment solution is used by banks nationwide to offer corporate customers direct debit and credit services. In turn, these corporate customers such as telecommunications, insurance and utilities companies offer this as a free service for their end-users to automate scheduled payments for their regular bills. NETS Bulk Payment solution can also be used by corporations and organisations to directly credit salaries from their bank account into the employees’ account.