3E Accounting Advises More Protection in Place for PayNow Security
3E Accounting Pte. Ltd. was pleased to be mentioned in TODAY’s 21 June 2018 write-up on “Eager to do away with cheques and cash, businesses already signing up for PayNow”.
PayNow Corporate is an extension of PayNow, which is a peer-to-peer funds transfer service used in Singapore. This service requires that you only have the payee’s mobile number or NRIC number to make a secure transaction, which offers Singaporeans much convenience. PayNow Corporate started this option on 13 August 2018. Business only need to link their bank accounts to their Unique Entity Numbers to perform the transaction, making it much easier for transactions to be conducted, thus saving time and streamlining processes. Citibank, DBS Bank/POSB, Maybank, HSBC, OCBC Bank, United Overseas Bank and Standard Chartered Bank are the first seven participating banks to join this initiative. By 2025, it is the aim of the Singaporean government that the nation be cheque-free.
While PayNow undoubtedly has vast potential, Mr Lawrence Chai, 3E Accounting’s Managing Director, told TODAY that there should also be controls in place to prevent any abuse of the corporate bank accounts by certain employees. Mr Chai also sought assurance on protection against data breaches.