FOMO Pay Now a Member of Singapore Clearing House Associationby Fintech News Singapore March 6, 2023
Major payments institution licensee FOMO Pay announced that it is now officially a member of the Singapore Clearing House Association (SCHA).
The SCHA is an association formed in December 1980 to establish, manage and administer clearing services and facilities for cheques as well as debit and credit items of its members. It comprises MAS and the commercial banks in Singapore that wish to become members.
The association is responsible for the Singapore Automated Clearing House (ACH), which runs the Singapore Dollar Cheque Clearing System, the United States Dollar Cheque Clearing System and the Interbank GIRO System.
FOMO Pay will be able to leverage the SCHA’s clearing services and facilities to enhance the reconciliation process for direct fund transfers between financial institutions.
This ensures FOMO Pay clients’ timely business transactions while safeguarding all parties involved by recording transaction details and validating fund availability.
FOMO Pay also recently became a member of the SWIFT network in December 2022.