30th November 2020, Kathmandu
Sanima Bank has rolled out a corporate pay system for the first time to facilitate its business customers for initiating digital payout transactions directly from the bank accounts. corporate pay solution is an electronic banking system promoted by Nepal Clearing House Ltd. (NCHL).
The bank will provide a digital platform of corporatePAY to business customers to initiate various payment transactions including employee salary payment, third-party payment, government payment, and other service payments. Such payments could be bulk or individual with beneficiary credit on a real-time or non-real-time basis, depending on whether the transactions are processed through connectIPS or NCHL-IPS clearing systems.
The customers have to request the bank for enrollment to avail of the service, and after the necessary due-diligence, access to the system will be provided based on the approving authority of the users of such institutions. The transactions can then be managed completely by the business institution without the manual intervention of the bank within a transaction limit. The system provides a secured mechanism of multi-layer authentication to access the system with multiple approvals for transaction authorization based on the approving authority provided by the institution.
Sanima Bank has been promoting a digital payments system, and the rollout of corporatePAY system is expected to be one of the major milestones in such direction.
Sanima Bank is providing banking services from 83 full-fledged branches, 16 extension counters and 81 ATM networks in all 7 provinces.