Menu

CorporatePay

NCHL Processes Record-Breaking

CORPORATEPAY Transaction Crosses NRs 100 Billion

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.

For more information, www.nchl.com.np  or www.corporatepay.connectips.com

CorporatePay

CORPORATEPAY – Digitizing The Business Payment Sectors

,

18 March 2021, Kathmandu

The ability to make digital payments is convenient at its best. While there are many consumer-centric digital payment systems or wallets in Nepal, Nepal Clearing House Ltd. (NCHL) has its own Business Payment Platform – CorporatePAY.

This digital payment solution facilitates transactions for its member banking and financial institutions (BFIs).

Using connect-IPS, businesses can process real-time payments with all the necessary multi-user controls. Moreover, non-real-time bulk payments are also possible through the NCHL-IPS system.

Why should member BFIs use CorporatePAY?

Whenever a digital solution is implemented, the objective is to limit human interaction as much as possible. The case with CorporatePAY is no different!

Using this payment solution, subscribers can avoid visiting banks or financial institutions with cash or cheque.

Instead of handling physical cheques at a bank, subscribers will be able to wire cheques electronically through highly sophisticated channels.

This will improve business efficiency and productivity.

Also Read: CorporatePAY Transaction Crosses NPR 50 Crores in 50 Days with 50 Businesses.

What are the major services of CorporatePAY?

With CorporatePAY, businesses can make financial transactions without any hassle.

Currently, the transaction limit for the system is set at 200 MN. As for extra charges, it has been reported that the system won’t charge additional taxes to its member BFIs.

The available services include:

  • Interbank & Intra-bank Fund Transfers
  • Salary Payments
  • Vendor Payments
  • Government Tax & Revenue Payments
  • SSF, EPF, CIT Payments
  • Creditor/ Service Payments
  • Other payments

Some key takeaways from this are that CorporatePAY allows institutions to pay salaries, make vendor payments, and even pay government taxes.

What are the features?

  • Subscribers get a single channel for multi-banking and multi-accounts.
  • The system is available on both public and private networks.
  • Two-factor authentications and multi-user authorization are necessary to complete a transaction.
  • Facilitates strong reports and reconciliation.
  • Member banks can set transaction limits, making them flexible.

How to subscribe to CorporatePAY?

Here are the steps businesses need to follow in order to enroll and use the digital platform:

  1. Contact the nearest bank branch for further details and the process of enrollment.
  2. Complete one-time enrollment at the bank itself by submitting necessary documents and a list of authorized users.
  3. Banks will then enroll the corporate in the system, create users and apply authorization limits.
  4. Each authorized user will obtain a login and other details from the bank through a secured communication channel.

Major banks have already started using the service of CorporatePAY. Meanwhile, NHCL will be looking to add more BFIs into its ecosystem in the future.

For the list of subscribers, head on to this page.