August 26: Prabhu Bank has joined the  connect IPS e-Payment System from Friday, August 24, to facilitate its customers to initiate online payment. With this, the customers of Prabhu Bank will be able to make online payment of up to Rs 100,000 per transaction through the  connect IPS system, according to Nepal Clearing House Limited (NCHL) which introduced the online payment system.

“The banks’ customers can enroll and link their bank account(s) with 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 do not require any intermediary,” reads a statement issued by NCHL.

According to NCHL,  connect IPS e-Payment System has already been subscribed by 35 banks and financial institutions among which 28 are already in operation.