A 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.
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Bank Alfa submits the payment to MEPS+
Bank Alfa (paying bank) → MEPS+ (Monetary Authority of Singapore)
Bank Alfa sends a high-value Singapore-dollar payment instruction to MEPS+, the MAS Electronic Payment System, to pay Nordbank. This is a message — nothing has moved yet.
Step 1 of 5: Bank Alfa submits the payment to MEPS+
- 02ProcessingMEPS+ checks Bank Alfa's RTGS accountMEPS+ (Monetary Authority of Singapore)
- 03SettlementMAS settles the payment in real timeBank Alfa (paying bank) → Nordbank (receiving bank)
- 05PostingNordbank books the fundsNordbank (receiving bank)
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- 02ProcessingMEPS+ checks Bank Alfa's RTGS accountMEPS+ (Monetary Authority of Singapore)
MEPS+ checks whether Bank Alfa's RTGS account at MAS holds enough funds. An RTGS system settles one payment at a time and only when the paying bank has cover.
- 03SettlementMAS settles the payment in real timeBank Alfa (paying bank) → Nordbank (receiving bank)
MAS debits Bank Alfa's RTGS account and credits Nordbank's, one payment at a time, in central-bank money. Settlement is instantaneous and irrevocable — same-day and final.
- DR Bank Alfa's RTGS account at MAS — SGD 2,000,000.00
- CR Nordbank's RTGS account at MAS — SGD 2,000,000.00
- 05PostingNordbank books the fundsNordbank (receiving bank)
Because the interbank leg already settled irrevocably in central-bank money, Nordbank can book the credit on its own ledger without waiting for anything else.
- CR Nordbank's internal settlement account — SGD 2,000,000.00
What this simplifies: One Singapore-dollar payment settling gross. Real RTGS operation depends on intraday liquidity management, queue handling, and operating-hour cut-offs across the whole day.
Sources for this flow2
- Official requirement
MEPS+ (MAS Electronic Payment System) ↗ — Monetary Authority of Singapore
MEPS+ settles gross and irrevocably in central bank money at MAS.
- Simplified educational illustration
Payments Signal editorial teaching models — Payments Signal
What this simplifies: Fictional banks and a single high-value payment; real MEPS+ operation involves many participants, government-securities settlement, intraday liquidity management, and operating-hour cut-offs (roughly 09:00-19:00) not shown here.
Used wherever diagrams, scenarios, figures, or example values are didactic constructions rather than sourced facts; every such use carries a simplifications disclosure. All people, companies, banks, and list entries in examples are fictional.