Sanima Bank new member in connectIPS e-Payment System

Nepal Clearing House Ltd. (NCHL) has enrolled Sanima Bank Ltd. in connectIPS e-Payment System. With this, the customers of Sanima Bank will be able to initiate online payments through connectIPS with all transactions processed directly from the bank accounts. This is expected to complement Sanima Bank in providing alternate digital channels to its customers.

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 platform for services of online fund transfer, online payments and creditor/biller payments which includes government tax payments, loksewa application fee payment, credit card bill payments, mobile wallet top-up, share broker payments and various other creditor payments. Such payments can also done by the customers from www.connectips.com, its mobile application or through payment processor (gateway) available on their respective websites. The current per transaction limit in the system is up to NRs. 100,000 for online (web) and up to NRs. 5,000 for mobile app.

ConnectIPS is a standardized single payments platform introduced by Nepal Clearing House Ltd., a company promoted by Nepal Rastra Bank new member in and Banks & Financial Institutions. It has already been subscribed by 55 banks and financial institutions among which 46 BFIs are now in operations.