Banks to charge for use of Singdollar cheques by 1st Nov 2023, to stop taking corporate cheques by end-2025.

Credit: Business Times
If you are still using physical cheques to make payments to your suppliers or vendors instead of using bank transfer, come November 2023, each single cheque will be charged a $0.70 cents regardless of whether you issue out or receive one. At the same time, to stop taking corporate cheques by end-2025. This was announced by Monetary Authority, Singapore.

Many business owners’ concern is the check and balances of more than one signatories to approve the payment voucher internally and giving instructions to the bank to release the funds.

Is your organization ready for this change ? Realtimme Cloud is ready for these changes.

We are now coming up with an online approval system before Oct 2023 where signatories can login to our website (depending on your subscription plan) to your company accounts to approve payment vouchers before generating the payment files to the bank’s online portal for payment transfer.

We are always on the lookout for technological trends and new business requirements that are cost effective to implement into our system for the benefit of our users.

Look out for our updates in our What’s new and news as we progress to a paperless payment system.

Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : sales@realtimme.net

28/08/2023

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