NCHL’s payment system Corporate Pay surpassed Rs 50 billion worth of transactions in the month of Jestha, 2080 BS, the highest to date for a single month since its inception in Magh, 2077 BS.
Likewise, the total transaction value for the current FY 2079/80 has surpassed Rs 421 billion increasing by Rs 230.5 billion year-to-year from the previous fiscal year. In FY 2078/79 in Jestha, the total transaction stood equivalent of Rs 190.5 billion.
| Corporate Pay transaction till Jestha, 2079/80 | Corporate Pay transaction till Jestha, 2078/79 | Difference |
| Rs 421 billion | Rs 230.5 billion | Rs 190.5 billion↑ |
The business payment platform has steadily grown its transaction volume ever since it started. At the milestone, the company says that the acceptability of the system as the primary channel for B2B payments by businesses and institutions has helped it grow transactions two folds.
Corporate Pay is used by several institutions such as educational institutions, travels and tours, trading firms, retails, and other such. Currently, over 7,700 institutional customers of over 47 banks and financial institutions are using the ever-growing B2B payment channel. Many companies have now enrolled in Corporate Pay for their payment.
Corporate Pay allows business payments, fund transfers, and government revenue payments
The system makes payment straightforward and convenient. Institutions can link and manage multiple bank accounts under CORPORATEPAY as the unified business platform. It unlocks businesses the ability to initiate and process their fund transfers, government revenue payments, etc.
Likewise, the Department of Customs, Beema Samiti, Nepal Oil Corporation, salary payments, and EPF/CIT/SSF payments are also supported by this electronic payment channel. Additionally, bulk payment for utility and creditor payments and fund and receivable management are also available.
Also read: Deposit Money into CIT via Corporate Pay
Corporate Pay allows real-time retail payment switch (RPS) or as batch-based through NCHL-IPS with transaction limit being up to Rs 20 lakh in the former and Rs 20 crores in the latter.
Customers can also leverage additional security for payment with multi-factor authentication and authorization. The system requires each bank account, amount of transaction types, and a higher level of control and risk management by the corporates for higher security.
To join Corporate Pay, customers can easily register at corporatepay.connectips.com. Here, a company needs to submit its details for registration, assign hierarchical roles to the users, and select bank account details. It’s just a one-time online process.
After this, the respective bank will have to make a one-time approval for activating the business and its users. Banks can also enroll institutional customers manually.