18 March 2021, Kathmandu
The ability to make digital payments is convenient at its best. While there are many consumer-centric digital payment systems or wallets in Nepal, Nepal Clearing House Ltd. (NCHL) has its own Business Payment Platform – CorporatePAY.
This digital payment solution facilitates transactions for its member banking and financial institutions (BFIs).
Why should member BFIs use CorporatePAY?
Whenever a digital solution is implemented, the objective is to limit human interaction as much as possible. The case with CorporatePAY is no different!
Using this payment solution, subscribers can avoid visiting banks or financial institutions with cash or cheque.
Instead of handling physical cheques at a bank, subscribers will be able to wire cheques electronically through highly sophisticated channels.
This will improve business efficiency and productivity.
With CorporatePAY, businesses can make financial transactions without any hassle.
Currently, the transaction limit for the system is set at 200 MN. As for extra charges, it has been reported that the system won’t charge additional taxes to its member BFIs.
The available services include:
- Interbank & Intra-bank Fund Transfers
- Salary Payments
- Vendor Payments
- Government Tax & Revenue Payments
- SSF, EPF, CIT Payments
- Creditor/ Service Payments
- Other payments
Some key takeaways from this are that CorporatePAY allows institutions to pay salaries, make vendor payments, and even pay government taxes.
- Subscribers get a single channel for multi-banking and multi-accounts.
- The system is available on both public and private networks.
- Two-factor authentications and multi-user authorization are necessary to complete a transaction.
- Facilitates strong reports and reconciliation.
- Member banks can set transaction limits, making them flexible.
Here are the steps businesses need to follow in order to enroll and use the digital platform:
- Contact the nearest bank branch for further details and the process of enrollment.
- Complete one-time enrollment at the bank itself by submitting necessary documents and a list of authorized users.
- Banks will then enroll the corporate in the system, create users and apply authorization limits.
- Each authorized user will obtain a login and other details from the bank through a secured communication channel.
Major banks have already started using the service of CorporatePAY. Meanwhile, NHCL will be looking to add more BFIs into its ecosystem in the future.
For the list of subscribers, head on to this page.