Legal Templates
ACH Payment Authorization Form

ACH Payment Authorization Form for Singapore

ACH Payment Authorization Form Template for Singapore

An ACH Payment Authorization Form under Singapore law is a legal document that authorizes regular electronic fund transfers between bank accounts through the Singapore Automated Clearing House system. The document complies with the Payment Services Act 2019 and relevant MAS guidelines, ensuring secure and regulated electronic payment processing. It establishes the terms, frequency, and conditions of automated payments while incorporating necessary data protection and consent requirements under Singapore's PDPA.

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What is a ACH Payment Authorization Form?

The ACH Payment Authorization Form is a crucial document used in Singapore's electronic payment ecosystem to establish and maintain recurring payment arrangements. This form is required whenever an organization needs to set up automated payments with customers or vendors, whether for regular billing, subscription services, or other recurring transactions. The document must comply with Singapore's Payment Services Act 2019, Banking Act, and Personal Data Protection Act, incorporating specific requirements for electronic transactions and data protection. The form typically includes account details, payment specifications, authorization terms, and relevant consent clauses for data processing.

What sections should be included in a ACH Payment Authorization Form?

1. Account Holder Information: Full name, contact details, and identification information of the account holder

2. Bank Account Details: Bank name, account number, branch code, and account type

3. Payment Authorization: Explicit authorization for ACH debits/credits and transaction terms

4. Transaction Details: Payment amount, frequency, and purpose of the transfers

5. Consent Statements: PDPA compliance statements and data processing consent

What sections are optional to include in a ACH Payment Authorization Form?

1. Multiple Account Authorization: Additional section for authorizing transfers from multiple accounts, used when customer needs multiple account processing

2. International Transfer Details: Additional information section for cross-border transfers, used when transfers involve international accounts

3. Variable Amount Authorization: Details section for varying payment amounts, used when payment amounts may fluctuate

What schedules should be included in a ACH Payment Authorization Form?

1. Void Check: Copy of void check to verify account details

2. Identity Verification Documents: Copy of identification documents as required by bank

3. Fee Schedule: Schedule of applicable transaction fees and charges

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 | Serial Founder & Legal AI Author

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Authorization Form

Sector

Legal Services

Cost

Free to use
Industries

Payment Services Act 2019 (PSA): Primary legislation regulating payment systems and payment service providers in Singapore. Establishes requirements for electronic payment transactions and ensures consumer protection in payment services.

Banking Act (Chapter 19): Core legislation governing banking operations and transactions in Singapore, including provisions relating to electronic funds transfers.

Electronic Transactions Act (Chapter 88): Provides legal framework for electronic transactions, establishes validity of electronic signatures, and ensures electronic records are legally recognized.

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, requiring consent for data collection and processing, and ensuring secure handling of financial information.

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore covering Risk Management Practices for Electronic Banking, Technology Risk Management, and Guidelines on Outsourcing.

SACH Regulations: Singapore Automated Clearing House regulations governing automated payment processing and clearing systems.

FAST System Requirements: Requirements for Fast And Secure Transfers system, Singapore's real-time payment platform.

GIRO Rules: General Interbank Recurring Order rules governing recurring payment arrangements between banks in Singapore.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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