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Payment Services (Singapore Dollar Cheque Clearing System and Inter-bank GIRO System) Regulations 2019

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In these Regulations —“articles” includes —(a)cheques, cashiers’ orders, drawing vouchers, dividend warrants, demand drafts, remittance receipts, travellers cheques or gift cheques, drawn on a participant and payable in Singapore dollars and cleared in the Singapore dollar cheque clearing system;(b)electronic payment instruments that are drawn on a participant and payable in Singapore dollars and cleared in the inter‑bank GIRO system; and(c)in relation to physical payment instruments, where the original of any instrument has been certified by any participant as lost, the certified true copies of that instrument;“clearing”, in relation to articles presented (whether by physical delivery, electronic transmission of data on the articles or transmission of electronic payment instruments) by any participant to the clearing house through a designated payment system, means the process by which the operator of the system —(a)collates all articles, or data on the articles, presented to the clearing house; and(b)computes both of the following:(i)the sum due to a participant from all other participants;(ii)the sum payable by the participant to all other participants;“clearing house” means the Automated Clearing House established under the Banking (Clearing House) Regulations (Rg 1);“designated payment system” means —(a)in relation to articles that are physical payment instruments — the Singapore dollar cheque clearing system; and(b)in relation to articles that are electronic payment instruments — the inter‑bank GIRO system;“operator” means an operator of a designated payment system;“participant” means a participant of a designated payment system;“settlement account” means an account in a real‑time gross settlement system established and operated by the Authority under section 29A(1) of the Monetary Authority of Singapore Act 1970;“settlement agent” has the meaning given by regulation 3(1)(b).

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