ConnectIPS monthly transaction crosses NPR 10 billion

Kathmandu, Jan 16.  Nepal Clearing House Ltd. (NCHL)’s connectIPS e-Payment System has reached monthly transaction value of over NPR 12.05 billion for the month of Poush. It is a landmark monthly transaction reached for connectIPS since it was operated from Baisakh 2075. The total transaction processed through connectIPS e-Payment during this fiscal year till the end of Poush is 650,142 equivalents to total settlement value of NPR 42.48 billion.

The increase in transaction is the indication of acceptance of the bank account based real-time retail payment system in Nepal. connectIPS e-Paymentis a standardized single payments platform for online payments which includes online fund transfer, payment processor (gateway) and creditor/biller payments, which is currently being used by over 55 BFIs.

Some of the services available in connectIPS are Government tax payment, Loksewa application fee, Office of Company Registrar payments, Passport payment, CIT loan repayment, Social Security Fund payment, credit card bill payments, mobile wallet top-up, NEPSE online trading, broker & capital market related payments, travel agency payments, school/colleges, insurance payments and similar.

NCHL has been operating electronic cheque clearing (NCHL-ECC), interbank payment system (NCHL-IPS) and connectIPS e-Payment system with combined transaction volume of 81,249 equivalents to total settlement value of NPR 42.17 billion during the FY2076/77 up to Poush end, with increase of over 44%and 26% respectively compared to last same period last year.