NMB Bank allows self-verification in connectIPS

Kathmandu,May 31.  NMB Bank Ltd. has enabled self-verification process for online linking of its customer accounts within connectIPS. With this NMB’s customers will be able to enroll within connectIPS and link its bank account without having to visit the bank branch in person.

With the increasing adoption of digital transactions including fund transfer and service payments through alternate channels, connectIPS is being excessively used by the bank customers. The initiative of NMB to allow its customer for online linking is expected to further facilitate its customer during this pandemic situation.

The bank will allow transaction limit of up to NRs. 1 lakh per day and NRs. 10 lakh per month for the accounts linked through self-verification. Such limits can be upgraded later to full limit of connectIPS through manual form based approval.

The self-verification process for account linking and verification within connectIPS is currently available for 16 commercial banks, 6 development banks and 1 finance company. Few other BFIs are also in the final phase of extending this service. connectIPS has over 54 BFs within its network as its members

How to link bank account with self-verification?

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

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