Document background
The Letter of Authorization to Debit Account is a crucial document in Singapore's banking ecosystem that facilitates automated payment arrangements. This authorization is commonly used for recurring payments, subscription services, loan repayments, and other regular financial obligations. The document must comply with Monetary Authority of Singapore (MAS) guidelines and includes specific details about the account holder, bank account, authorized debit parameters, and beneficiary information. It provides a secure and efficient way to manage regular payments while protecting the interests of all parties involved.
