InstantPay is JustLogin’s latest salary payment facility (in partnership with Liquid Group) that allows companies to pay employees instantly through the FAST (Fast and Secure Transfers) transfer network within Singapore.
Liquid Group is a fintech company specializing in digital payments. They provide domestic and cross-border corporate payment solutions for B2B and B2C segments. Headquartered in Singapore, Liquid Group is a Non-Bank Financial Institution participant of Singapore’s PayNow and FAST network. They operate the LiquidPay e-money app for consumers and provide acquiring services that enable merchants to offer enhanced digital payment experiences to users. Liquid Group is regulated as a Major Payment Institution by the Monetary Authority of Singapore.
InstantPay is available for Essential Plan customers at $1/user/month, Growth Plan customers at $0.50/user/month, and free for Enterprise Plan customers. However, we are currently offering a promotion where new users can enjoy 6 months of free InstantPay usage if they sign up before June 30, 2023.
For payees (employees receiving salaries), their banks must be part of the FAST network, which is listed here: https://abs.org.sg/consumer-banking/fast
The list of supported banks that we need to have a Direct Debit Authorization (DDA) via GIRO with is listed here: https://www.abs.org.sg/docs/library/swift-bic-code-v1-0.pdf. However, in order for a faster onboarding process, the following 5 banks support eGIRO, which digitizes the GIRO application process from 3 weeks to just minutes. a.Bank of China b.DBS c.Maybank d.OCBC e.UOB
No, there is no minimum requirement. InstantPay is available for all company sizes.
Currently, we only have one level of approval. We are working on increasing the levels of approval which will be released at a later date. Stay tuned.
There is no limit on the number or amount of salaries that can be paid via InstantPay per company. 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 more than $200,000 worth of salaries needs to be transferred via InstantPay, we recommend that the transaction be broken down into batches of less than $200,000 per batch.
No, InstantPay is currently only available for domestic payments within Singapore.
InstantPay is highly secure and meets the highest standards of compliance and regulatory requirements. It uses the FAST transfer network which is highly encrypted and secured, and all trans
The salary payments sent via InstantPay is tagged as SAL (Salary) via FAST as a transaction type. Different banks have different terms regarding their promotions. Please check with your respective banks on their promotion criteria.
Yes, you can use InstantPay concurrently with any other existing payment that is available on our system. You are free to jump between the different payment methods available on our system.
Once the payment has been approved by the company, the salary will be instantly credited to the payee's account via the FAST transfer network.
To activate InstantPay, simply sign up for JustLogin's Essential, Growth, or Enterprise Plan, and 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.
As part of the onboarding review process by Liquid Group, customers need to provide the following documents to Liquid Group via JustLogin. This is a mandatory requirement due to MAS regulation. Documents required: a. Company Profile from ACRA b. NRIC/Passport ID of all Shareholders and eventual beneficiary of the business c. Bank Statement which clearly shows the bank and the account number (the figures can be blanked out) d.Signed Processing Addendum by an authorised director of the company
Yes, a tri-party processing addendum between your company, JustLogin, and Liquid Group will need to be signed by all parties.