NCHL launched connectIPS e-payment system; Dr. Yuba Raj Khatiwada and Dr. Chiranjibi Nepal marked their presence in the program

Nepal Clearing House Limited (NCHL), a company promoted by Nepal Rastra Bank and Bank & Financial Institutions, has made an official launch of connectIPS e-Payment System, during a program organized at Soaltee Crown Plaza, today. The system was officially unveiled during the program by Honorable Finance Minister Dr. Yuba Raj Khatiwada in presence of the distinguished guests Governor Dr. Chiranjibi Nepal, Revenue Secretary Ministry of Finance Mr. Sishir Prasad Dhungana.

The program was graced by the presence of Deputy Governor, Finance Comptroller General, Executive Directors of Nepal Rastra Bank, Heads of the banks & financial institutions beside many other high ranked government officials and BFIs representatives.

connectIPS e-Payment System is a standardized single payments platform that facilitates online payment directly from/to the bank account of the customers. The system was initially soft launched by piloting the online government revenue collection payments and online fund transfer. The service now can be availed by the customers of the member BFIs from www.connectips.com for the enrollment where they have to link their bank account(s) with one-time verification from their respective bank(s) after which they can use the system for the services including online fund transfer, government revenue payments and creditor payments. The system has now been extended with the new services such as credit card bill payments, mobile wallet top-up and share brokers payments through both online (web) version and mobile application. The per transaction limit for online payment is NRs 1,00,000 and upto NRs. 5,000 through mobile application.

The connectIPS e-Payment system has already been subscribed by 44 banks and financial institutions among which 32 are now in operations and the company is still in the process of adding more banks within its network. And with an objective to establish connectIPS e-Payment System as a single payments platform, it has now extended the payments infrastructure access to the PSPs also.  

With the complete operation of connectIPS with NCHL-IPS system, the company believes that it will support in strengthening the financial market infrastructure for payment systems in Nepal and will facilitate for processing of expenses and revenue of the Government of Nepal.

During the program, the CEO of NCHLfurther added “Ten stock brokers have already joined the platform. The company is looking forward to help investors make payment easily after the implementation of online trading system.”

Similarly, Finance Minister; Dr. Yuba Raj Khatiwada congratulated the company and mentioned “We should not overlook the factor of cost efficiency while making technology efficient products. Thus, in upcoming days, each and every institute should work on to do all such online transactions at zero cost.”

Besides, Governor of Nepal Rastra Bank; Dr. Chiranjibi Nepal also mentioned, “We usually hesitate to link ourselves with technology as we are habituated to conventional method of payments. So, it is important for companies such as NCHL to aware people in order to ease online payment system”.