Question 1

What is InstantPay?

Accepted Answer

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.

Question 2

Who is Liquid Group?

Accepted Answer

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.

Question 3

How much does it cost to use InstantPay?

Accepted Answer

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.

Question 4

What documents are needed to activate InstantPay?

Accepted Answer

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.

Question 5

Which bank does my company need to have an account with to use InstantPay?

Accepted Answer

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. (https://www.abs.org.sg/docs/library/swift-bic-code-v1-0.pdf)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.

Question 6

Which bank do my employees need to have an account with to use InstantPay?

Accepted Answer

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.(https://abs.org.sg/consumer-banking/fast)

Question 7

Is there a legal contract that needs to be signed?

Accepted Answer

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.

Question 8

Is there a limit on the amount of salaries paid?

Accepted Answer

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.

Question 9

How do you verify that the approver is authorized?

Accepted Answer

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.

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InstantPay Onboarding