Domestic
PAYMENTS SIGNAL · REFERENCE CARDFAST (Fast And Secure Transfers)
A Singapore dollar transfer that reaches the payee almost instantly, around the clock — but the banks settle their net positions in central bank money later, through MEPS+. Instant for the customer, deferred-net for the banks.
Actors
- Riya (payer)customer
- Bank Alfa (sending bank)bank
- FAST / SACH (Singapore Automated Clearing House)infrastructure
- Nordbank (receiving bank)bank
- Arjun (payee)customer
- MEPS+ (MAS)infrastructure
Messages
No standard message — a book / internal transfer.
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | Instruction — Riya asks Bank Alfa to pay Arjun | Riya → Bank Alfa | message |
| 2 | Money out — Bank Alfa debits Riya | Bank Alfa | posting |
| 3 | Clear & route — SACH clears the transfer instantly and routes it to Nordbank | Bank Alfa → FAST / SACH | clearing |
| 4 | Payment message — Nordbank receives the payment within moments | FAST / SACH → Nordbank | message |
| 5 | Money in — Nordbank credits Arjun almost instantly | Nordbank | posting |
| 6 | Funds usable — Arjun can spend the money immediately | Nordbank → Arjun | internal |
| 7 | Deferred net settlement — Later, the banks settle their net positions in MEPS+ | FAST / SACH → MEPS+ | settlement |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Reject: beneficiary account cannot be credited | Nordbank cannot apply the payment — for example Arjun's account is closed or the account number is invalid — so it rejects the transfer and it fails. | Returned to Riya — Bank Alfa reversed the debit, so she is made whole almost immediately. · No settlement occurred for this item; nothing about it is included in the net settlement files sent to MEPS+. | Nordbank — Riya checks Arjun's account details against the reason code and can try again once they are correct. |