Frequently Asked Questions
InstantPay is a new feature from JustLogin that lets companies pay their employees instantly through a secure and fast transfer network called FAST within Singapore. It's a convenient way to ensure your employees receive their salaries right away.
Liquid Group is a fintech company that specializes in digital payments. They offer payment solutions for businesses and consumers, both within Singapore and across borders. They're regulated by the Monetary Authority of Singapore and have expertise in providing secure and efficient payment services.
The cost of using InstantPay depends on your JustLogin plan. For Essential Plan customers, it's $1 per user per month. For Growth Plan customers, it's $0.50 per user per month. And if you're on the Enterprise Plan, it's free! Plus, we have a special promotion going on where new users can enjoy 6 months of free InstantPay usage if they sign up before June 30, 2023.
To activate InstantPay, you'll need to provide some documents to Liquid Group via JustLogin. This is required by the Monetary Authority of Singapore. The documents include your company profile from ACRA, identification documents of shareholders and beneficiaries, a bank statement, and a signed processing addendum by an authorized director of the company.
To use InstantPay, your company needs to have a Direct Debit Authorization (DDA) via GIRO with a supported bank. You can find the list of supported banks and their codes here. However, to speed up the onboarding process, there are 5 banks that support eGIRO, which makes the application process much faster. These banks are Bank of China, DBS, Maybank, OCBC, and UOB.
For your employees to receive instant salary payments through InstantPay, their banks must be part of the FAST network. You can check the list of participating banks here.
Yes, you'll need to sign a tri-party processing addendum between your company, JustLogin, and Liquid Group. This ensures that all parties are aligned and protected.
There is no limit on the number or amount of salaries you can pay using InstantPay. However, please note that due to the limitation of the FAST payment network, each batch of payment has to be less than or equal to S$200,000. If you need to transfer more than $200,000 worth of salaries, we recommend breaking the transaction down into batches of less than $200,000 per batch.
To verify the approver's authorization, they need to log into JustLogin using Singpass. Singpass is a trusted digital identity verification system. The verification through Singpass must match the approver's record in JustLogin, which is determined during the onboarding process.
Currently, InstantPay supports one level of approval. However, we are working on adding more levels of approval in the future. So stay tuned for updates!
The salary payments made via InstantPay are tagged as salary transactions through the FAST network. Different banks have different terms and promotions for their services. We recommend checking with your respective banks to understand their specific promotion criteria.
Absolutely! You can use InstantPay alongside any other payment methods available in our system. You have the freedom to switch between different payment methods as needed.
Once the payment has been approved by the company, the salary will be instantly credited to the employee's account through the FAST transfer network. So your employees will receive their salaries without delay.
No, InstantPay is currently only available for domestic payments within Singapore. It's designed to facilitate fast and secure transactions within the country.
No, there is no minimum requirement to use InstantPay. It's available for companies of all sizes, whether you have a small team or a large workforce.
InstantPay prioritizes the security of your transactions and meets the highest standards of compliance and regulatory requirements. It utilizes the highly encrypted and secure FAST transfer network. Both JustLogin and Liquid Group have implemented robust security measures to protect your data and ensure safe transactions.
To activate InstantPay, all you need to do is sign up for JustLogin's Essential, Growth, or Enterprise Plan. Once you've signed up, provide the necessary documents to Liquid Group via JustLogin. Once the onboarding process is complete, you can start using InstantPay to make instant salary payments to your employees hassle-free.
InstantPay Onboarding
