Kathmandu/ Nepal Clearing House Ltd. (NCHL) has on-boarded one of the largest government owned commercial banks, Rastriya Banijya Bank in the connectIPS e-Payment System. With this the customers of Rastriya Banijya Bank will now be able to initiate online payments through connectIPS with all transactions processed directly from the bank accounts.
This is expected to expand the digital payment ecosystem by providing access of multi-banking single payments platform to the customers of the bank. The bank customers can now 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, credit card bill payments, mobile wallet top-up, capital market related payments and similar.
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.
connectIPS is a standardized single payments platform introduced by Nepal Clearing House Ltd., a company promoted by Nepal Rastra Bank and Banks & Financial Institutions. It has already been subscribed by 57 banks and financial institutions among which 52 BFIs are now in operations.