August 15: Jyoti Bikas Bank has adopted the connectIPS e-Payment System from August 14. With this, the customers of Jyoti Bikas Bank will be able to initiate online payment transactions up to Rs 100,000 per transaction through the connectIPS system.

According to Nepal Clearing House Limited (NCHL), connectIPS is a standardized single payments platform introduced by the company.

The bank customers can register their bank accounts with NCHL following a one-time verification from their respective banks, after which they can use the payment services including fund transfer, online payment and bill payment. All such transactions are processed directly from the bank accounts and does not require any intermediary, said NCHL.

NCHL said that connectIPS e-Payment System has already been subscribed by 32 banks and financial institutions among which 23 are now in operation.