Electronic Payment System - Shares

From Financial Literacy Wiki

Electronic payment system (EPS) is an automated payment system for SGX share transactions operated by members of the SGX and NETs member banks. The EPS enables the electronic transfer of funds between your bank account and stock brokerage firm. The service is provided free of charge to investors.

Application for EPS

To apply for EPS facility, request for an EPS application form from your stockbroker. Fill in the application form to authorize the link between your bank account and your trading account with your stock brokerage firm. Take note that, you can only link one account to one trading account.

Making Payments with EPS

Once you have received your contract note from CDP, you can make payment for your purchase of shared by using ATMs of your designated bank any time between 0700 hrs to 2130 hrs any day of the week. With the popular usage of internet banking, you can also effect your transaction through your internet banking account.

You can either make payment by contract or payment by lump sum if you have several contracts. Your broker will receive payment one market day after you have initiated payment.

Receiving Payments with EPS

After selling your shares, EPS will directly credit the amount due to you in Singapore dollars from your stock brokerage firm into your bank account. You will have access to the funds on the morning of the second day after the due date.