Kailash Bikas Bank starts connectIPS e-Payment System

October 3: Kailash Bikas Bank has adopted the connectIPS e-Payment System which allows the bank’s customers to initiate online payment transactions up to Rs 100,000 per transaction through the system.

According to Nepal Clearing House Limited (NCHL), connectIPS is a standardized payment platform introduced by the company. The bank’s 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 payments and bill payments. All such transactions are processed directly from the bank accounts and does not require any intermediary, NCHL said in a statement.

The connectIPS e-Payment System has been subscribed by 40 banks and financial institutions among which 31 are now in operations.