23rd April 2022, Kathmandu
The CORPORATEPAY system has been able to process landmark transactions of more than NRs 100 Billion during this fiscal year.
The system has been in operation as a business payments platform, for a year again, for the institutional customers of the member bank and financial institutions (BFIs) with a specific focus on small & mid-size enterprises and institutions.
The acceptance of the CORPORATEPAY system has considerably increased, as it is now available from more than 48 BFIs with almost 3,600 institutional customers of the BFIs having been using the system for their business payments.
CORPORATEPAY is being used by the corporates and business enterprises for various payments including salary payments, vendor payments, third-party payments, government taxes, and so on.
Other additional services available are bulk payments for utility & creditor payments including Beema Samiti license renewal, Nepal Oil Corporation, Social Security Fund, Citizen Investment Trust, Employee Provident Fund, Department of Customs, Employee Provident Fund, etc.
The system has the needed internal controls for such institutional customers like multi-authorization and hierarchy for managing multiple signatories.
Its supports bulk and individual transactions that are processed through underlying retail payment switches for real-time transactions up to NRs. 20 lakhs per transaction and up to NRs 200 crores for the same bank government revenue payment.
Such transactions can also be processed through NCHL-IPS for non-real-time transactions up to NRs. 20 crores per transaction and NRs. 30 crores per transaction for government revenue payments.
It provides additional benefits to the customers for linking multiple bank accounts through its respective BFIs and operating from the single channel of CORPORATEPAY.
The corporates and business enterprises can easily initiate an online registration process from the corporatepay.connectips.com website, from where a company can submit its details for registration, assign hierarchical roles to the users, select the bank account details and complete a one-time online process.
The respective bank will then do one-time approval for activating the corporate and its users, based on the documents submitted or available with the bank. The banks can also enroll their institutional customers on a manual basis.
Over NRs. 11.7 Trillion equivalent of total transactions have already been processed by NCHL through Electronic Cheque Clearing (ECC), Interbank Payment System (NCHL-IPS), and Retail Payment Switch (connect-IPS) during this fiscal year until the end of Chaitra.
With the level of acceptance by the BFIs and their institutional customers, the CORPORATEPAY system is expected to provide a major impetus in the digital payments ecosystem by enabling businesses for digital transactions.