FAST vs PayNow: What's the Difference?
FAST (Fast And Secure Transfers) and PayNow are both real-time Singapore payment rails, but they serve different use cases:
| Feature | FAST | PayNow |
|---|---|---|
| Launched | March 2014 | July 2017 |
| Identifier | Account number + bank code | Proxy: mobile number, NRIC/FIN, UEN, or VPA |
| Transfer limit | SGD 200,000 per transaction (most banks) | SGD 200,000 per transaction (most banks) |
| Availability | 24/7/365 | 24/7/365 |
| Settlement | Real-time gross via SORA | Real-time gross via SORA |
| Cross-border | Singapore only | Singapore–India (UPI), Singapore–Thailand (PromptPay) |
| Participants | Direct participants only (licensed) | All FAST participants + additional PayNow participants |
How Settlement Works
Both FAST and PayNow settle via Singapore's MEPS+ (MAS Electronic Payment System Plus) using RTGS (Real-Time Gross Settlement). Each payment settles individually — there is no net settlement or end-of-day batch. For your reconciliation engine, this means:
- Every FAST/PayNow transaction creates an immediate settlement record in MEPS+
- Your nostro account at your settlement bank updates in real-time
- FAST reference (UUID format) and PayNow proxy identifier are your primary recon keys
Participation Requirements
To participate directly in FAST/PayNow, you must be:
- A licensed MAS MPI holder (or full bank)
- A MEPS+ direct participant (or have a MEPS+ settlement bank relationship)
- Connected to the FAST network via MAS-approved infrastructure
- Compliant with MAS Notice PSN01 (AML) and MAS Technology Risk Management guidelines
Most fintechs without a bank licence access FAST/PayNow via an indirect participant relationship — connecting through a sponsoring bank that holds the MAS settlement account on your behalf.
PayNow Proxy Registration and Lookup
PayNow works by linking a proxy (mobile number, NRIC, UEN) to a bank account. For your platform:
- Corporate accounts use UEN (Unique Entity Number) as proxy — registered via your participating bank
- Individual accounts use mobile number or NRIC/FIN
- Proxy lookup occurs via the PayNow central directory before each payment — your system must handle lookup failures and timeouts gracefully
Fraud Controls for Real-Time Payments
MAS has issued guidance on Authorised Push Payment (APP) fraud following high-profile scams targeting FAST/PayNow. Required controls include:
- Confirmation of payee — display account holder name to payer before confirming transfer
- Transaction delay for high-risk transfers — 12–24 hour cooling-off period for first-time high-value transfers to new payees
- Kill switch — customer-controlled ability to immediately stop all outgoing transfers
- Money lock feature — optional customer-controlled lock on funds
- Real-time fraud transaction monitoring — velocity checks, new-payee rules, unusual-hours patterns
Key Takeaways
- FAST uses account numbers; PayNow uses proxy identifiers — know which your customers use and validate accordingly
- Both settle in real-time via RTGS — reconciliation is immediate, breaks are genuine exceptions not timing differences
- Direct participation requires MPI licence and MEPS+ direct membership — most fintechs use indirect participation via a sponsor bank
- MAS mandates confirmation of payee, kill switch, and 12-hour cooling-off for high-risk transfers
- PayNow proxy lookup failures must be handled in your payment flow — don't assume the lookup always succeeds