The MAS Electronic Payment System (MEPS+) of Singapore is a real-time gross settlement (RTGS) system that allows for the processing and settlement of high-value Singapore dollar interbank funds transfers. It is operated by the Monetary Authority of Singapore (MAS) and began operating in 2006.
MEPS+ has a number of features that make it a highly efficient and reliable system, including:
- Use of SWIFT message formats and network: MEPS+ uses SWIFT message formats and network, which allows for greater straight-through processing and cost savings by banks.
- Advanced queue management capabilities: MEPS+ has advanced queue management capabilities that allow it to handle a large number of transactions efficiently.
- Automated collateralised intra-day liquidity facilities: MEPS+ has automated collateralised intra-day liquidity facilities that allow banks to access funds quickly and efficiently.
- Automated gridlock detection and resolution: MEPS+ has automated gridlock detection and resolution capabilities that help to prevent and resolve any potential gridlocks in the system.
In addition to these features, MEPS+ is also highly secure and reliable. It is backed by the MAS and has a proven track record of success.
Here are some of the benefits of using MEPS+:
- Speed: MEPS+ is a real-time system, which means that funds are transferred between banks immediately.
- Security: MEPS+ is a highly secure system with multiple layers of security protection.
- Reliability: MEPS+ has a proven track record of reliability and uptime.
- Efficiency: MEPS+ is a highly efficient system that can handle a large number of transactions quickly and accurately.
MEPS+ is used by a wide range of customers, including banks, financial institutions, corporations, and government agencies. It is an essential part of Singapore’s financial infrastructure and plays a vital role in the smooth and efficient functioning of the country’s economy.