what is meps transfer

MEPS stands for "MAS Electronic Payment System". It is a real-time gross settlement system developed for high-value Singapore dollar interbank funds transfer. MEPS is a SGD-only online interbank payment and fund transfer system in Singapore. It is operated by the Monetary Authority of Singapore (MAS) and began operating on December 9, 2006. MEPS allows for convenient transfer and receipt of payments between banks in Singapore.