Nepal Clearing House Limited: What is CORPORATEPAY? How to Enroll in CORPORATEPAY?

Wed, Dec 29, 2021 9:49 AM on National, Exclusive, Featured,

CORPORATEPAY is a business payment platform provided & hosted by Nepal Clearing House Ltd for its member Banks and Financial Institutions (BFIs). In its essence, CORPORATEPAY allows corporate and business customers of the member banks & financial institutions (BFIs) for initiating digital payments from any of the accounts maintained at member banks.

The CORPORATEPAY system allows business customers to process real-time payments through the connectIPS e-Payment system. It also allows non-real-time bulk payments through the NCHL-IPS system with all the necessary multi-user controls required for such business transactions.

Is CORPORATEPAY Secure Enough?

CORPORATEPAY makes fund transfer, bulk transactions, and various other service payments easy and convenient. However, the system does not compromise security for convenience. For additional control, the system provides multi-layer authorization to complete a transaction. Transactions are processed without any intervention up to the limit assigned to the corporate by the respective member bank. Payments above the assigned limit will be processed with additional approval from the respective bank.

What services does CORPORATEPAY provide?

CORPORATEPAY caters to multiple needs of the clients. Interbank & Intra-bank Fund Transfers is the most notable of its products. CORPORATEPAY also supports salary payment, vendor payment, and government tax/ revenue payment. The system also facilitates SSF, EPF, CIT payments, and Creditor/ Service payments, apart from various other payments.

How to get enrolled in CORPORATEPAY?

To get enrolled into CORPORATEPAY, a corporate entity should contact its nearest branch of the financial institution that is in CORPORATEPAY (list below) for further details regarding the process of enrollment. The one-time enrollment process should be completed. The branch will ask for supporting/ authorized documents and a list of authorized users.

The corporate entity will then be enrolled in the CORPORATEPAY system where it can create users and apply authorization limits. The login and other details can then be obtained through a secured communication channel by users.

Which Banks and Financial Institutions are in CORPORATEPAY?

Commercial Banks

Agriculture Development Bank Limited*
Bank of Kathmandu Limited
Century Commercial Bank Limited*
Citizens Bank Limited
Civil Bank Limited
Everest Bank Limited
Global IME Bank Limited
Himalayan Bank Limited
Laxmi Bank Limited
Machhapuchhre Bank Limited
Mega Bank Limited
Nabil Bank Limited
Nepal Bangladesh Bank Limited
Nepal Bank Limited
Nepal Credit and Commerce Bank Limited
Nepal SBI Bank Limited
NIC Asia Bank Limited
NMB Bank Limited
Prabhu Bank Limited
Prime Commercial Bank Limited
Sanima Bank Limited
Sunrise Bank Limited
Siddhartha Bank Limited

Development Banks

Excel Development Bank Limited*
Garima Bikash Bank Limited
Jyoti Bikas Bank Limited
Kamana Sewa Bikash Bank Limited
Lumbini Bikas Bank Limited
Mahalaxmi Bikash Bank Limited
Muktinath Bikash Bank Limited
Shangrila Development Bank Limited
Saptakoshi Development Bank Limited*
Shine Resunga Development Bank Limited

Financial Institution

Gurkhas Finance Limited
Goodwill Finance Limited
Guheswori Merchant Banking and Finance Limited*
ICFC Finance Limited
Manjushree Finance Limited
Pokhara Finance Limited*
Progressive Finance Limited
Reliance Finance Limited*
Samriddhi Finance Limited

Infrastructure Bank

Nepal Infrastructure Bank Limited*

* Testing