1st June 2021, Kathmandu

NIC Asia Bank Ltd. has enabled a self-verification process for online linking of its customer accounts within connect-IPS. With this, NIC Asia Bank’s customers will enroll within connect-IPS and link their bank account without visiting the bank branch in person.

This initiative of NIC Asia to allow its customers for online linking is expected to facilitate its customer during this pandemic situation further. With the increasing adoption of digital transactions, including fund transfer and service payments through alternate channels, connect-IPS is being excessively used by bank customers either from the mobile app or web application of connect-IPS or mobile banking of the bank itself.

The bank will allow a transaction limit of up to NRs. 2 lakh per day and NRs. 10 lakh per month for the accounts linked through self-verification. Such limits can be upgraded later to the full limit of connect-IPS through manual form-based approval.

How to link bank account with self-verification?

  1. Link the desired bank account in connect-IPS from the “Link Account” option.
  2. Select the “Self-Verify Account” option under the “Manage Account” section.
  3. Enter the OTP (One Time Password) sent by the bank to the registered mobile number.
  4. Enter two micropayments deposited at your bank account (intended for linking).
  5. The linked account can now be used from a connect-IPS mobile app and web application.

The customer needs to ensure that the mobile number used in connect-IPS is the same as that provided at the respective bank. The transaction limit for such self-verified accounts will be as per the limit assigned by the bank and may vary for each of the banks.

The self-verification process for account linking and verification within connect-IPS is currently available for 17 commercial banks, 6 development banks, and 1 finance company. Few other BFIs are also in the final phase of extending this service. connect-IPS has over 54 BFs within its network as its members

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