Domestic
PAYMENTS SIGNAL · REFERENCE CARDSingapore PayNow (addressing overlay on FAST)
PayNow lets Riya pay Arjun in Singapore dollars using his mobile number or a QR code instead of his account number — the payment itself runs on FAST underneath, and net positions settle later in MEPS+ at the central bank.
Actors
- Riya (payer)customer
- Bank Alfa (payer bank)bank
- PayNow proxy directoryinfrastructure
- Nordbank (payee bank)bank
- Arjun (payee)customer
- FAST + MEPS+ (settlement)infrastructure
Messages
No standard message — a book / internal transfer.
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | Enter PayNow proxy — Riya enters Arjun's PayNow proxy — no account number | Riya → Bank Alfa | message |
| 2 | Resolve proxy — The PayNow directory maps the proxy to a real account | Bank Alfa → PayNow directory | message |
| 3 | Show payee name — Riya sees the registered name before she confirms | Bank Alfa → Riya | message |
| 4 | DR payer — Bank Alfa debits Riya's account | Bank Alfa | posting |
| 5 | FAST clears — FAST clears the payment in real time | Bank Alfa → FAST / MEPS+ | clearing |
| 6 | CR payee — Nordbank credits Arjun almost instantly | Nordbank | posting |
| 7 | MEPS+ settlement — Net positions settle later in MEPS+ at MAS | FAST / MEPS+ → FAST / MEPS+ | settlement |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Proxy does not resolve | The mobile number or QR that Riya entered is not registered for PayNow, so the directory cannot map it to any account. | Nothing was debited — Riya's account is untouched because the proxy never resolved. · No clearing and no settlement occurred; the payment failed before it reached FAST. | Riya — Riya re-checks the mobile number or QR, or Arjun registers the proxy with his bank, then she retries. |