Mahalakshmi Development Bank MoU

14th December 2020, Kathmandu

Mahalakshmi Development Bank has launched a ‘Corporate Pay’ system

Mahalakshmi Development Bank Limited on Thursday made an agreement with Nepal Clearing House Limited to launch a ‘Corporate Pay’ system for its institutional customers to make digital payments from bank accounts. This digital platform provided by the bank to its valued business customers will allow them to easily conduct transactions like transferring money, salary payment, vendor payment, government revenue payment, and other various business payments from their account without going to the bank.

Through this system, real-time or non-real-time payment transactions can be done easily at Connect IPS or Nepal Clearing House. In order to join Corporate Pay, the customer needs to contact Mahalakshmi Development Bank Limited, get its approval, and complete the necessary procedures as designated by the bank. After this, users can make any payments within the specified limit transactions without the direct involvement of the bank.

If the transactions in Corporate Pay exceed the bank limits, there is a provision to proceed with the transactions after a thorough examination by the bank. Multi-layer authentication is a secure way to access the Corporate Pay system. Thus, security arrangements have been made in this system such that only authorized users can determine any customer to enter and disallow any transaction. There is a provision for customers to link more than one bank account in Corporate Pay as per their requirement.

The agreement was signed by Sagar Sharma, Acting Chief Executive Officer of Mahalakshmi Development Bank Limited, and Neelesh Man Singh Pradhan, Chief Executive Officer of Nepal Clearing House Limited. The bank is confident that the use of Corporate Pay will further facilitate the bank’s payment system.


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