connectIPS daily transaction crosses Rs. 2 billion

Kathmandu, Jun 16

Nepal Clearing House Ltd. (NCHL)’s connectIPS e-Payment System has crossed daily transaction value of Rs. 2 billion.

The technology instrument has achieved the result for the first time on 8^th June, 2020 and continues to do so.

“This is a landmark reached for a real-time retail payment system implemented by NCHL and since its operations from May 2019,” said the company.

The month to month connectIPS transaction has grown by 75 per cent and 186 per cent in terms of number and value respectively, during the three months of lockdown.

The monthly total transaction value in connectIPS e-payment system during the last three Nepali months of Chaitra, Baishak and Jestha have remained at Rs. 13.8 billion, Rs. 24 billion and Rs. 39.5 billion respectively.

“It is also noteworthy that 64 per cent of the transactions were initiated through National Payments Interface (NPI), which is a consolidated (Application Programming Interface (API) for allowing the institutions to carry out their transactions through their alternate channels towards connectIPS or NCHL-IPS or other systems,” said the NCHL.

NPI acts as a local domestic payments rail for integration and interoperability of the alternate channels (mobile, internet, corporate banking) of bank and financial institutions, Payment Service Provider/Payment System Operator (PSP/PSO), government entities and other large institutions.

It is being used by six mobile wallets (other 8 in pipeline), almost all insurance companies, remittance companies, Nepal Stock Exchange, stock brokers, social security fund, employees’ provident fund, and almost all BFIs.

connectIPS platform has enrollment of over 58 BFIs and allows the bank customers to initiate fund transfer based on bank account of any beneficiary or mobile number of other users.

Such fund transfer can also be done easily from the bank’s own mobile or internet banking, which does not require separate enrollment in the connectIPS.

Some of the other payments available in the platform are government revenue payment, CIT loan repayment, Social Security Fund payment, credit card bill payment, mobile wallet top-up, capital market related payments, e-commerce payments, school/colleges, insurance payments, etc.

Published in The Rising Nepal daily on 17 June 2020.