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BoK, Kumari and Deva Bikas banks join connectIPS e-Payment System

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November 11: Bank of Kathmandu, Kumari Bank and Deva Bikas Bank have subscribed to the connectIPS e-Payment System initiated by Nepal Clearing House Limited (NCHL). With this, the customers of the banks will be able to initiate payment transaction up to Rs 100,000 through www.connectips.com and up to Rs 5,000 through its mobile application.

The customers can enroll and link their bank accounts(s) with one-time verification from their respective banks, after which they can use the payment services including fund transfer, online payments and creditor/biller payments.

Currently the services related to online fund transfer, government revenue payment, credit card bill payment, mobile wallet top-up and share broker payment are available through online (web) version and mobile application, NCHL said in a statement. All such transactions are processed directly from the bank accounts and does not require any intermediary.

According to the statement, connectIPS is a standardized single payments platform introduced by NCHL. It has already been subscribed by 44 banks and financial institutions among which 36 are now in operation.

 

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