Nepal Clearing House Ltd. (NCHL) has enrolled Bank of Kathmandu, Kumari Bank and Deva Bikas Bank in the connectIPS e-Payment System from today. With this, the customers of the bans will be able to initiate payment transaction up to NRs 100,000 through www.connectips.com and up to NRs. 5,000 through its mobile application.
The customers can enroll and link their bank accounts(s) with one-time verification from their respective banks, after which they can use the payment services including fund transfer, online payments and creditor/biller payments. Currently the services related to online fund transfer, government revenue payments, credit card bill payments, mobile wallet top-up and share broker payments are available throughonline (web) version and mobile application. All such transactions are processed directly from the bank accounts and does not require any intermediary.
connectIPS is a standardized single payments platform introduced by NCHL, a company promoted by Nepal Rastra Bank and Banks & Financial Institutions. It has already been subscribed by 44 banks and financial institutions among which 36 are now in operations.