Download Vendor Direct Deposit Form - Singapore

Vendor Direct Deposit Form for Singapore

Vendor Direct Deposit Form Template for Singapore

A Vendor Direct Deposit Form is a formal document used in Singapore that establishes an electronic payment arrangement between a company and its vendors. Compliant with Singapore's Banking Act and Electronic Transactions Act, this document captures essential banking information and authorizations required for setting up automated payments. It includes vendor identification details, bank account information, and necessary authorizations while adhering to Singapore's data protection and anti-money laundering regulations.

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What is a Vendor Direct Deposit Form?

The Vendor Direct Deposit Form serves as a crucial document for establishing secure electronic payment channels between organizations and their vendors in Singapore. This form is essential when transitioning from check payments to electronic transfers or when onboarding new vendors who prefer direct deposit payments. It collects and validates vendor banking information, ensuring compliance with Singapore's financial regulations, including the Payment and Settlement Systems Act and Banking Act. The form typically includes comprehensive vendor details, bank account information, and authorization signatures, facilitating efficient payment processing while maintaining security and regulatory compliance.

What sections should be included in a Vendor Direct Deposit Form?

1. Vendor Information: Legal name, registration number, business address, contact details, tax registration details

2. Bank Account Details: Account holder name, account number, bank name, branch code, branch address

3. Payment Instructions: Default currency, payment frequency, specific payment routing instructions

4. Authorization: Declaration and authorization section including data privacy consent and signature fields

What sections are optional to include in a Vendor Direct Deposit Form?

1. Multiple Account Details: Section for specifying multiple bank accounts for different types of payments or currencies

2. International Banking Details: SWIFT/BIC codes, IBAN, and corresponding bank information for international transfers

3. Special Instructions: Any specific payment routing or handling instructions

What schedules should be included in a Vendor Direct Deposit Form?

1. Bank Account Verification Documents: Schedule listing required bank verification documents such as void check or bank statement

2. Required Supporting Documents: Schedule listing business registration, tax documents, and other required verification documents

3. Authorized Signatories List: Schedule containing list of authorized personnel who can make changes to banking instructions

Authors

Alex Denne

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Retail
Technology
Healthcare
Construction
Professional Services
Financial Services
Education
Government
Non-profit Organizations

Relevant Teams

Finance
Accounts Payable
Procurement
Vendor Management
Treasury
Financial Operations
Supply Chain
Administration
Legal
Compliance

Relevant Roles

Accounts Payable Manager
Finance Director
Procurement Manager
Vendor Relations Manager
Financial Controller
Treasury Manager
Chief Financial Officer
Accounts Payable Clerk
Vendor Management Specialist
Finance Operations Manager

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Security Deposit Receipt

A Singaporean legal document acknowledging receipt of security deposits, detailing terms for residential or commercial transactions.

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What is a Vendor Direct Deposit Form?

What sections should be included in a Vendor Direct Deposit Form?

What sections are optional to include in a Vendor Direct Deposit Form?

What schedules should be included in a Vendor Direct Deposit Form?

Authors

Alex Denne

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