FOMO Pay, a payment institution headquartered in Singapore, has announced its official membership in the Singapore Clearing House Association (SCHA), an organisation comprising the Monetary Authority of Singapore (MAS) and elected financial institutions.
As an SCHA member, FOMO Pay will leverage the association’s clearing services and facilities to enhance the reconciliation process for direct fund transfers between financial institutions, ensuring FOMO Pay clients’ timely business transactions while safeguarding all parties involved by recording transaction details and validating fund availability.
This membership represents another significant milestone for FOMO Pay after becoming SWIFT network member recently in December 2022, reflecting the company’s unwavering commitment to providing compliant and secure digital payment services.
The SCHA is an association formed in December 1980 to establish, manage and administer clearing services and facilities for cheques and debit and credit items of its members. The SCHA also establishes the rules on the rights and responsibilities of participating banks as well as the service providers for the various clearing systems. The SCHA 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.
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