As ipaymy is a financial institution, so we need to know who is using our service - especially when it comes to sending money abroad. Not only does this help protect your company's money, but it helps to comply with local financial regulations.

Before you can make your first payment your company's details must be verified by providing some additional particulars about yourself, your company as well as some supporting documentation.

What do I need to provide?

All the details on the provided documentation should match your ipaymy account. You will need to provide:

Company Documents

  • ACRA Bizfile (dated within the last 4 months)

  • Proof of Business Address*

  • Board Resolution authorising your Company to use ipaymy for cross boarder payments

If there is more than one level of shareholders:

  • Shareholding structure chart verified by a Company Director 

Company Representative Documents

The individual acting as the Company Representative, activating the ‘Pay Abroad’ account on behalf of the company will need to submit:

  • Government Issued Identification:                                                                                 -Singaporeans and Permanent Residents (PR) - NRIC                                           -Foreigners - Passport (photo page only)

  • We also require a selfie verification. 🤳 That means uploading a picture of yourself (a selfie) while holding your ID. Pro Tip: Make sure the photo isn’t blurry or covered, so we can see all the info.

  • Proof of Representative's Residential Address*

If the representative is NOT a director or shareholder who holds more than 25% of the entity, you will also need to submit:

  • Letter from the company authorising the representative

Company Directors and Shareholders (who hold more than 25%)

The identity of these individuals need to be verified by providing the following:

  • Singaporeans and Permanent Residents (PR) – NRIC

  • Foreigners - Passport (photo page only) AND Proof of Address* 

*Proof of Address
Any of the following documents dated within the past 6 months can be used as proof of Address:

  • Bank Statement

  • Telephone/Utility Bills

  • Letter from government such as IRAS

  • Letter from Insurance Company

  • Signed valid Tenancy Agreement showing name and address

Please note, P.O. Boxes are not accepted addresses.

How long does verification take?

Verifying your company details can take up to 3 business days. Once these details have been successfully verified, you will be notified via email and the International Payment service will automatically be enabled in your account.

Please note as part of the verification process, we may need to ask for additional documentations.

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