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3 more banks join connectIPS e-Payment System

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August 17: Civil Bank, Century Bank and Excel Development Bank have adopted the connectIPS e-Payment System from Thursday, August 16, to facilitate their customers to initiate online payment. With this, the customers of the three banks will be able to make online payment of up to Rs 100,000 per transaction through the connectIPS 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, connectIPS e-Payment System has already been subscribed by more than 32 banks and financial institutions among which 26 are already in operations.

 

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