NETS Bulk Payment

Simplify your scheduled bulk payment transactions with Singapore’s preferred solution for low value inter-bank payments. Designed for reliability and speed, NETS Bulk Payment adheres to the latest financial industry messaging standards to ensure every transaction is processed with precision and security

It is the world’s first bulk payment system to use the Payment and Clearing Settlement (PACS) message set in Payments catalog with ISO 20022 messaging standards.

What is NETS Bulk Payment?

NETS Bulk Payment is used by banks in Singapore to provide direct debit and credit services to corporate customers. In turn, their corporate customers which may include telecommunications, insurance and utilities companies, offer this as a service to their end-users to automate scheduled payments for their regular bills. NETS Bulk Payment can also be used by corporations and organisations to directly credit salaries from their bank accounts to their employees’ accounts.

Features of NETS Bulk Payment

Same-day clearance

Regardless of the volume, NETS Bulk Payment offers same-day clearing capabilities with both outward and inward returns. NETS Bulk Payment can also be configured to allow for multiple clearing and settlement windows of your choice based on your needs.

Seamless connectivity 

A high-volume payment solution that adheres to 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 configuration 

There are 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) with NETS Bulk Payment. The STP system enables fully automated uploading and downloading of files to and from the clearing house.

Accuracy assured 

Using a maker-checker application, accessible via a web portal, messages sent are verified and authorised. The accuracy of transactions is established and a means for correction, if required, is offered.

Benefits of NETS Bulk Payment

High-speed with the ability to process millions of transactions within a specific window.

Single view of debit and credit transactions.

Multi-currencies enable seamless cross-border payment capabilities.

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