Nepal Bangladesh Bank (NBB) automates linking of bank accounts in Connect-IPS

Thu, Aug 27, 2020 11:50 AM on Latest, Corporate,

Nepal Bangladesh Bank Ltd. has automated the entire process of account linking within connect-IPS. This means that customers can now link their bank accounts online through the self-verification process.

The customers of Nepal Bangladesh Bank will be able to enroll and link their bank accounts online without visiting the bank branch physically.

Once a bank account is linked within connect-IPS under “Link Account”, the customer can "Self-Verify Account” within the system. The process is completed with multi-factor authentications based on verification of customer information, OTP(One Time Password), and micro-deposits.

The self-verification of the linked account in connect-IPS is believed to largely help the customers of the member BFIs for using alternative digital platforms for fund transfer and payments. The feature will also make it convenient for customers to use connect-IPS during the current pandemic situation with intermittent mobility.

Connect-IPS is currently being used by the bank customers for fund transfer and service payments directly from its own channels of the mobile app, connectips.com, and payment gateway or from mobile/ internet banking of the majority of the BFIs.

Some of the other banks and financial institutions are also undergoing their internal testing and are planning for rollout in the near future.