Nepal Investment Bank joins connectIPS; strengthens alternate digital payment channel for bank’s customers
Nepal Clearing House Ltd. (NCHL) has on-boarded Nepal Investment Bank Ltd. (NIBL) in the connectIPS e-Payment System. NIBL has been catering its customer from 82 branches, 120 ATMs, 14 extension counters, 10 revenue collection counters and 54 branchless banking counters, and with the addition of connectIPS, the customers of NIBL will now be able to initiate online payments through connectIPS with all transactions processed directly through the bank accounts.
This is expected to support the bank in providing alternate digital channels to its customers through which the bank customers can avail the services of online fund transfer, e-commerce payment, creditor/biller payments including government tax, Loksewa application fee, Office of Company Registrar payments, Citizen Investment Trust loan repayment, Social Security Fund payment, credit card bill payments, mobile wallet top-up, capital market related payments and similar. NIBL will also be able to add services within connectIPS by enrolling its merchants as global creditors, which will be accessible to the customers of other member BFIs also.
The bank’s customers can enroll and link their bank accounts(s) with one-time verification from the bank, after which they can use the system. The payments can be done by the customers from www.connectips.com, its mobile application or through payment processor (gateway) available on the service provider’s respective websites. For those not having user on connectIPS will still be able to initiate such transactions from the selected branches of NIBL.
connectIPS is a standardized single payments platform introduced by Nepal Clearing House Ltd., a company promoted by Nepal Rastra Bank and Banks & Financial Institutions. The system has already been subscribed by 57 banks and financial institutions, of which 53 BFIs are currently in operations.
Nepal Investment Bank Limited is one of the leading commercial banks in Nepal having A+ credit rating from ICRA Nepal. It is the recipient of Bank of the Year Awards for 5 years and was accredited with Euromoney awards for “Best Bank 2018” from the international publication - Euromoney. With the bank having one of the largest customer base, it has always focused on innovative products and services. And with the addition of connectIPS, the bank believes to further enhance its service delivery.
