Kathmandu, Mar. 10:
Nepal
Clearing House Ltd. (NCHL) has upgraded its connectIPS
e-Payment System to support real-time instant payments for low value retail
transactions.
With
the upgrading of the system, payments related to online fund transfer,
government payments and specific creditor payments could now be processed on
real time basis.
Prior
to this, only the same bank (On-Us) payments were being processed on real-time.
“The
current upgrade has made possible the online fund transfers on real-time basis
directly from/to any of the accounts held at member bank and financial
institutions (BFIs) without having to depend on any intermediaries,” said the
company.
The connectIPS
e-Payment System is a standardized single payments platform that enables the
bank customers to make various payments through alternate channels of web,
mobile application and payment gateway.
According to the NCHL, this could be used by the
customers of over 44 BFIs after online enrollment and one-time verification of
the linked bank account. And multiple bank accounts could be linked to a single
user.
It currently supports online fund transfer (P2P),
Government revenue payments (P2G from FCGO, Inland Revenue, Loksewa), capital
market payments (Dmat fee, Mero Share fee, Stock Broker payments), Credit Card
bill payment, Mobile wallet Cash-In/Out and other merchant payments.
The
current per transaction limit on web and mobile channels are NRs 100,000 and
NRs 5,000 respectively.
NCHL
is a company promoted by Nepal Rastra Bank and all the BFIs to establish
multiple national payment and settlement systems, corresponding to which its
NCHL-ECC, NCHL-IPS and connectIPS
e-Payment systems are in operations with average daily transaction settlement
value of over NRs 35 billion.
Published in The Rising Nepal daily on 11 March 2019. 
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