Direct Payment Form

Direct Payment Form Template for Singapore

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Key Requirements PROMPT example:

"I need a Direct Payment Form for my Singapore-based education company to set up recurring monthly payments from parents, with a maximum limit of SGD 2,000 per transaction and the ability to adjust payment dates quarterly starting from January 2025."

Document background

The Direct Payment Form serves as a critical financial instrument in Singapore's banking system, enabling automated recurring payments through direct debit arrangements. This document is essential when establishing regular payment arrangements for services, subscriptions, or financial obligations. The form must comply with Singapore's stringent financial regulations, including the Payment Services Act 2019, Banking Act, and Personal Data Protection Act. It typically includes detailed account information, payment specifications, and necessary authorizations, while incorporating required security measures and data protection provisions. The Direct Payment Form is particularly valuable for businesses seeking to establish reliable, automated payment collection systems while maintaining regulatory compliance.

Suggested Sections

1. Payer Information: Complete details of the person/entity making the payment including name, address, contact information, and identification details

2. Bank Account Details: Payer's bank account information including account number, bank name, branch code, and account type

3. Payment Details: Specification of amount, frequency, and purpose of payment, including any reference numbers

4. Authorization Declaration: Explicit consent statement for direct debit arrangement and acknowledgment of terms

5. Data Protection Notice: PDPA compliance statement and consent for data collection, usage, and storage

Optional Sections

1. Secondary Account Details: Backup account information section, to be included when customer wants to specify an alternative account for insufficient funds scenarios

2. Payment Limit Declaration: Section specifying maximum transaction amount, required for high-value transactions or when customer wants to set specific limits

3. Joint Account Declaration: Additional declaration section required when the bank account has multiple authorized signatories

Suggested Schedules

1. Terms and Conditions: Standard terms governing the direct debit arrangement including payment processing, cancellation, and dispute resolution

2. Bank Verification Form: Supplementary form required by specific banks for account verification and validation

3. Required Documents Checklist: List of identity verification documents required as per AML/CFT requirements

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Insurance
Utilities
Telecommunications
Education

Relevant Teams

Finance
Accounts
Treasury
Compliance
Operations

Relevant Roles

Finance Manager
Accounts Receivable Manager
Compliance Officer
Treasury Manager
Banking Operations Manager

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Let's create your Direct Payment Form

Authors

Alex Denne

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