October 28: Nepal Clearing House Limited (NCHL), a company promoted by Nepal Rastra Bank, officially launched the connectIPS e-Payment System amid a function in the capital on Friday, October 26.

The system was unveiled by Finance Minister Dr Yuba Raj Khatiwada during the function held at Hotel Soaltee Crowne Plaza.

According to the company, connectIPS e-Payment System is a standardized single payments platform that facilitates online payment directly from/to the bank accounts of the customers. The system was initially soft launched by piloting the online government revenue collection payments and online fund transfer, the statement added.

The service now can be availed by the customers of the member BFIs from www.connectips.com for the enrollment where they have to link their bank account(s) with one-time verification from their respective bank(s) after which they can use the system for the services including online fund transfer, government revenue payments and creditor payments.

The system has now been extended with the new services such as credit card bill payments, mobile wallet top-up and share brokers payments through both online (web) version and mobile application. The per transaction limit for online payment is Rs 100,000 and upto Rs 5,000 through mobile application.

The connectIPS e-Payment System has already been subscribed by 44 banks and financial institutions among which 32 are now in operation and the company is still in the process of adding more banks within its network. And with an objective to establish connectIPS e-Payment System as a single payments platform, it has now extended the payments infrastructure access to the PSPs also.  

With the complete operation of connectIPS with NCHL-IPS system, the company believes that it will support in strengthening the financial market infrastructure for payment system in Nepal and will facilitate for processing of expenses and revenue of the Government of Nepal.