Acceptability of CORPORATEPAY increases; Transaction reaches over NRs 55 Billion in this fiscal year

CORPORATEPAY system has been able to process landmark transactions of more than NRs 55 Billion in this fiscal year. The system has been in operation as a business payments platform for the institutional customers of the member bank and financial institutions with a specific focus on small & mid-size enterprises and institutions. The acceptance of the CORPORATEPAY system has considerably increased, as it is now available from more than 48 BFIs with almost 2,600 institutional customers of the BFIs have been using the system for their business payments.

The institutional customers of the BFIs are using CORPORATEPAY system mainly for fund transfer, salary payments, vendor or party payments, and government payments. The system has also been recently enhanced with additional features for payments to Nepal Oil Corporation, Department of Customs, and others.

The system has the needed internal controls for the customers like multi-authorization and hierarchy for managing multiple signatories of an account. Its supports bulk and individual transactions that are processed through underlying retail payment switches for real-time transactions up to NRs. 20 lakhs per transaction; NCHL-IPS for non-real-time transactions up to NRs. 20 crores per transaction and NRs. 30 crores per transaction for government revenue payments. It provides additional benefits to the customers for linking multiple bank accounts through its respective BFIs and operating from the single channel of CORPORATEPAY. 

With the level of acceptance by the BFIs and their institutional customers, the system is expected to provide a major impetus in the digital payments ecosystem by enabling businesses for digital transactions. While the platform infrastructure is provided by NCHL, the respective BFIs are driving the system for institutional customers' onboarding. They have to approach their banks for enrollment in the system.