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Electronic Payment Agreement Template for Singapore

This document is a comprehensive agreement governing electronic payment services in Singapore, structured to comply with the Payment Services Act 2019 and related regulations. It establishes the terms and conditions for electronic payment processing, including security protocols, data protection measures, fee structures, and compliance requirements under Singapore law. The agreement incorporates specific provisions required by the Monetary Authority of Singapore (MAS) and addresses both technical and regulatory aspects of payment processing.

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What is a Electronic Payment Agreement?

The Electronic Payment Agreement is essential for businesses operating in Singapore's digital payment ecosystem. It is typically used when establishing payment processing relationships between merchants, payment service providers, and financial institutions. The agreement ensures compliance with Singapore's Payment Services Act 2019, Electronic Transactions Act, and MAS guidelines while addressing crucial aspects such as transaction processing, security measures, data protection, and fee structures. This document is particularly relevant given Singapore's push towards a cashless society and the increasing adoption of digital payment solutions.

What sections should be included in a Electronic Payment Agreement?

1. Parties: Identifies the contracting parties and their details

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used tHRoughout the agreement

4. Services: Description of payment services to be provided

5. Fees and Charges: Payment terms, fee structure, and charging mechanism

6. Security Requirements: Authentication and security measures

7. Data Protection: PDPA compliance and data handling procedures

8. Term and Termination: Duration and termination provisions

9. Liability and Indemnification: Risk allocation between parties

What sections are optional to include in a Electronic Payment Agreement?

1. Integration Requirements: Technical specifications for system integration - use when technical integration is required

2. Service Level Agreement: Performance metrics and service standards - use for enterprise or high-volume clients

3. White Labeling: Branding and customization provisions - use when service is white-labeled

4. Cross-border Provisions: International payment requirements - use for international payment services

What schedules should be included in a Electronic Payment Agreement?

1. Fee Schedule: Detailed breakdown of all fees and charges

2. Technical Requirements: Technical specifications and integration requirements

3. Service Level Parameters: Detailed service levels and performance metrics

4. Security Protocols: Detailed security requirements and procedures

5. Compliance Requirements: AML/CFT and regulatory compliance procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Publisher

Genie AI

Sector

Banking

Cost

Free to use

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