Adyen is migrating payouts to platform users for the currency SGD to a different originating bank account.

Why is Adyen changing its originating bank accounts for SGD?

This migration for payout accounts for Adyen for Platforms merchants will improve the payout process and reliability for platform users.

When will the change take place?

The scheduled date is May 31st, 2023.

Will this affect the way payments are processed for platforms with Adyen?

No, there will be no impact to payment processing for platforms nor Adyen's ability to initiate payouts to platforms and their users.

Will this impact my platform’s payout schedule?

This change will not have any impact on payout performance or on platforms' payout schedules.

Does my platform need to do anything? 

This change will not require any action from the platform's side. However, please note that platform users' account statements will reflect the updated bank account details used for the payouts.