Corporate Pay transaction record reached a new milestone reflecting the country’s ever-growing fascination with digital payments. Till 9 months of the current FY 078/79, The digital payment mode contributed to NPR 1 trillion.
Developed by Nepal Clearing House Limited (NCHL), Corporate Pay is a business payment system that allows business customers of the member banks to perform digital payments from any account. It allows both real-time payments through connectIPS and non-real-time bulk payments through NCHL-IPS.
And in just around a year since its inception, the payment system has achieved a hallmark. In 9 months (From Shrawan to Chaitra), it oversaw a massive NPR of 1 trillion transactions.
Corporate Pay Transaction Record and limits
Corporate Pay can be used by businesses via the member banks for fund transfer, salary payment, government tax and revenues, vendor payments, etc.
The system has all Class A, B, and C financial institutions in its network. All these member banks facilitate the customers to perform both real-time and non-real-time payments over their secure channel.
So far it has tied up 48 banks and financial institutions in its network and has over 3600 corporate customers.
Corporate Pay Features
Needlessly say, Corporate Pay is one secured way of payment method designed for corporate customers. Among its many features, the following are the key highlights:
- Single-channel and multi accounts
- Available on both private and public networks.
- Secure payment with two-factor authentication
- Flexible transaction limits, can be set by the member banks.
- Strong reports and reconciliation.
As for the limit, Corporate Pay allows up to NPR 20 lakh payment per transaction in real-time. Also, if the government accepts taxes at the very bank, such a limit can go up to NPR 200 crores.
For non-real-time payments, the limit is NPR 20 crore per transaction and NPR 30 crore for government taxes and revenues. Find out: Namaste Pay Partners NCHL To Grow Digital Payment Eco-System
Interested candidates can enroll for Corporate Pay by contacting their nearest bank which is also a member of the system. The bank then creates a user and apply an authorization limit for the new customer.