26th May 2021, Kathmandu
In the three months since its inception, corporate pay has become more attractive due to the ban. The ban on corporate payments, which allow large banking transactions to be done online, has added to the attraction.
Governor Maha Prasad Adhikari of Nepal Rastra Bank had started it only last January. Although the use of wallet and connect IPS has increased recently, people were forced to carry checks to the bank counter.
The corporate pay has come into operation so that it can do business up to Rs. 200 million daily to end this obligation.
So far, banks and financial institutions have registered more than 250 business customers in the corporate payments system, the company said. According to the company, about Rs 300 billion has already been paid by Baishakh.
Nischal Adhikari, director of the payment system department of Nepal Rastra Bank, says that corporate pay is very effective. He says that the number of users has increased in a short period of time as it has removed the obligation of corporate houses to go to banks for doing big business.
The ban made it difficult for commercial houses to conduct banking operations.
Only a few lakh rupees are transacted daily through mobile banking. Due to which mobile banking could not work for big business.
Even in this dire situation, big business houses and companies did business through corporate pay.
Last year alone, the Nepal Clearing House (NCHL) launched the corporate pay system targeting business customers of banks and financial institutions.
Nileshman Pradhan, Chief Executive Officer of the company, said, “It was not easy to go to the bank during the ban. “Now that its popularity has grown, it has made a good impression on business customers.”
The company says that the popularity of this system is increasing day by day as the number of various commercial payments including fund transfer, salary payment, vendor payment, government revenue payment, etc. is increasing easily without going to the bank.
How is the business done?
Through this system, real-time or non-real-time payment transactions can be done in Connect IPS or NCHL-IPS.
Currently, more than 32 banks and financial institutions are involved in the system. Out of which 20 have already started service. According to the company, necessary initiatives are being taken to provide services to customers from others.
To join Corporate Pay, customers need to contact their bank or financial institution. Based on the submission of the required documents, the bank provides the service by completing the necessary procedures including approval.
Customers can also link their accounts with more than one bank and financial institution in this system as per their requirements.
Each user must first activate their login details. The customer’s user can then make any payment within the specified limit without any direct involvement of the bank.