Domestic
PAYMENTS SIGNAL · REFERENCE CARDA MEPS+ transfer (Singapore RTGS)
A high-value Singapore-dollar payment settles one-for-one across the banks' RTGS accounts at the Monetary Authority of Singapore, instantaneously and irrevocably — provided the paying bank's account holds the funds.
Actors
- Bank Alfa (paying bank)bank
- MEPS+ (Monetary Authority of Singapore)infrastructure
- Monetary Authority of Singaporeinfrastructure
- Nordbank (receiving bank)bank
Messages
No standard message — a book / internal transfer.
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | MEPS+ instruction — Bank Alfa submits the payment to MEPS+ | Bank Alfa → MEPS+ | message |
| 2 | Check RTGS balance — MEPS+ checks Bank Alfa's RTGS account | MEPS+ | internal |
| 3 | Gross settlement — MAS settles the payment in real time | Bank Alfa → Nordbank | settlement |
| 4 | Settlement confirmation — Nordbank is advised of the settled payment | MEPS+ → Nordbank | message |
| 5 | Book the funds — Nordbank books the funds | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Not enough in the RTGS account | Bank Alfa's RTGS account at MAS does not hold SGD 2,000,000.00 at the moment the instruction is checked. | Not yet moved to Nordbank; the payment is held until Bank Alfa funds its RTGS account, then it settles in full. · Settlement waited on liquidity — the payment did not settle until the RTGS account was covered. | Bank Alfa — Bank Alfa moves funds from its MAS current account to its RTGS account so queued high-value payments can settle. |