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| Currency Settlement System | |
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| Singapore Dollars |
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| In 1998, under the amendment of Singapore Banking Act 1970, MAS is allowed to introduce the Real Time Gross Settlement system to replace the old interbank payment (end of day net basis) system called SHIFT which was established in 1985. |  |
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| The new system called "MAS Electronic Payment System" (MEPS) is a real time gross settlement system designed for high value interbank funds transfers and settlement of Singapore Government Securities in order to reduces the chances of settlement failure in one bank affecting other banks, thereby also reducing system risk. All banks in Singapore are eligible to participate directly in MEPS. |
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| MEPS is linked with the Central Depository of the Singapore Exchange. This provides for the settlement of Singapore Dollar Debt securities on a delivery v payment basis. |
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| Singapore Automated Clearing House (SACH) operates the SGD Cheque Clearing System, the USD Cheque Clearing System, and the Interbank GIRO (direct debit and credit) System. SACH is under the responsibility of Singapore Clearing House Association (SCHA), formed in 1980. MAS is also member of SCHA. |
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