Nepal Clearing House (NHCL) has brought Corporate Pay into operation in Nepal. This will allow the member Banks and Financial institutions (B/FIs) to make a transaction up to 200 MN a month. The system will help business oriented professionals and institutions make digital payments easier, faster and more convenient.
With Corporate Pay, NHCL will help banks and financial institution (B/FI) to improve their efficiency and save time while also improve their productivity. This will spare subscribers to visit banks or any financial institution with a cheque.
This system will enable subscribers with means to wire cheques electronically through highly sophisticated channels. Thus, it will replace the traditional custom of having to go through banks to make the transactions. The customers will be able to transfer funds from one account to another held in any member BFIs which will be more than feasible at the customer’s end. This will replace the old way of handling a physical cheque on hand at a bank, which saves time.
“Despite having digital wallets, people still need to carry cheques for larger transactions. The system will bring that practice to an end” The federal bank CEO Naresh Shakya enthused. “Focusing on business professionals’ efficiency, NHCL will be adding more channels and resources in the coming days”. He further added.
Corporate Pay will integrate the online payment system within NHCL eco-system. It will link a subscribers’ accounts at various BFIs that will enable them to make financial transactions on-the-go without hassles.
Using digital payments will reduce physical labour and will also be a cost-cutting measure. The service charge is determined as per the NHCL IPS and connect IPS platforms regulations. But the system will not charge additional taxes which will benefit all the parties involved.
It will help institutions to wire funds, pay employees’ salaries, or even pay government taxes online. Currently, the transaction limit is set at 200 MN. But it is reported that requests may also be considered if required upon circumstances.
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Major Services
- Interbank & Intra-bank Fund Transfers
- Salary Payments
- Vendor Payments
- Government Tax and Revenues Payments
- Creditor/ Service Payments
- Other Payments
Features of Corporate Pay
NHCL’s flagship services comprises several features which will vary upon member B/FIs and the payment method. The following are some key features worth mentioning.
- Single channel for multi-banking and multi-accounts.
- Available on public and private network (for higher security and higher limits)
- Secured with two-factor authentications and multi-user authorization to complete a transaction for security and controls.
- Strong reports and reconciliation.
- Flexible transaction limits that could be set by the bank. (transaction Limit may vary as per the respective member bank).
How to Enrol and Get Corporate Pay Service?
Any business organization, institution or corporate will have to follow a procedure to start acquiring this service. The following are the steps needed to avail of this service.
- The interested corporate house must initiate contact to its nearest member bank for further details.
- Complete one-time enrolment process at the bank (normally enrolment form) with required supporting/ authorized documents and a list of authorized users.
- The Bank will enrol the corporate in the system, create users and apply authorization limits.
- Obtain the login and other details through secured communication channel by each of the users.
How Corporate Pay Works?
Corporate Pay is an integrated transaction service to facilitate online payments online. It creates an eco-system between the banks. It bundles a users’ accounts from various banks and link all of them under NHCL account. The bank has to be a member of NHCL eco-system to render this service possible.
- Download Connect IPS on your Android Phone or login to connectips.com
- Sign Up and create an account
- Add your Bank Account and verify it through your bank
- After your Bank Account is successfully validated you can now make transactions
The customer accounts are highly secured. It goes through multilayered authentication to ensure safe transactions. Once the account is created, the customer can make digital payment up to 200 MN depending on the nature of payment method.
Subscribers to this service will have to select a channel between Connect IPS and NHCL IPS. Depending on the nature of your transaction, you will be choosing either of them.
Connect IPS is a real time service. It will wire transfers immediately thus it will have limitation. Meanwhile, IPS transfers are not imminent. This will be suitable for those who require larger transfer over a period of time. Such customers will have a massive 200 MN funds limit for a month. Connect IPS is suitable for those small to medium type organization while its IPS variants will be best suited to Large business houses.
The Service has already tied major banks within its payment system however, NHCL will be aiming to add more B/FIs into its eco-system. This will make it a mainstream payment practice throughout the country and contribute to the digitization of banking in the country.
Conclusion
Nepal government has a clear stand on digitizing banking and financial practices. Corporate Pay will further emphasize the rush for online practices. Slowly such services will trickle down to all walks of lives and improve our efficiency and productivity.
What do you think about this Corporate pay service for Organizations, Institutions and Companies? Drop your opinion in the comments section down below.