Upgrades arrive in connectIPS e-Payment System for low value retail transactions; to support real-time instant payments now

Nepal Clearing House Ltd. (NCHL) has successfully upgraded its connectIPS e-Payment System to support real-time instant payments for low value retail transactions, corresponding to which the payments related to online fund transfer, government payments and specific creditor payments could now be processed on real time basis.

Prior to this, only the same bank (On-Us) payments were being processed on real-time. And with the current upgrade, it is now possible for online fund transfers on real-time basis directly from/to any of the accounts held at member bank and financial institutions (BFIs) without having to depend on any intermediaries.

connectIPS e-Payment System is a  standardized single payments platform that enables the bank customers to make various payments through alternate channels of web (www.connectips.com), mobile application and payment gateway (processor). This could be used by the customers of over 44 BFIs after online enrollment and one-time verification of the linked bank account. And multiple bank accounts could be linked to a single user. It currently supports online fund transfer (P2P), Government revenue payments (P2G from FCGO, Inland Revenue, Loksewa), capital market payments (Dmat fee, Mero Share fee, Stock Broker payments), Credit Card bill payment, Mobile wallet Cash-In/Out and other merchant payments. The current per transaction limit on web and mobile channels are NRs 100,000 and NRs 5,000 respectively.

NCHL is a company promoted by Nepal Rastra Bank and all the BFIs to establish multiple national payment and settlement systems, corresponding to which its NCHL-ECC, NCHL-IPS and connectIPS e-Payment systems are in operations with average daily transaction settlement value of over NRs 35 billion.