Bank Account based Online Fund Transfer Service Extended

Kathmandu, Aug 4 . Nepal Clearing House Ltd., promoted by Nepal Rastra Bank and the Banks & Financial Institutions, extends its connectIPS e-Payment System for bank account based online fund transfer facility. Bank customers will now be able to transfer funds online up to NRs. 100,000 per transaction to its own bank account or to the beneficiary based on bank account or mobile number.

Bank customers will have to enroll at www.connectips.com and link its bank account(s), which needs to be one-time verified at the respective bank, for availing the connectIPS services from the same website. 19 banks and financial institutions are currently in operation for such online fund transfer, whereas, 10 other banks & financial institutions have entered into an agreement for the service and are under testing phase. Current active banks in the system include:

Citizens Bank International Ltd.

 Global IME Bank Ltd.

 Janata Bank Ltd.

Everest Bank Ltd.

  Laxmi Bank Ltd.

 Nepal Bangladesh Bank Ltd.

Nepal Credit & Commerce Bank Ltd.

  Nepal Bank Ltd.

 NIC Asia Bank Ltd.

NMB Bank Ltd.

Prime Commercial Bank Ltd.

Siddhartha Bank Ltd.

Garima Bikash Bank Ltd.

 Gandaki Bikash Bank Ltd.

Lumbini Bikash BankLtd.

Muktinath Bikash Bank Ltd.

 Om Development Bank Ltd.

 Sangrila Development Bank Ltd.

ICFC Finance Ltd.

The system was pilot launched for e-payment of revenues for the Government of Nepal since 12^th Baishak 2075 which uses payment processor facility of the connectIPS e-Payment System. And with the introduction of the online fund transfer facility, it is expected to largely ease fund transfer for the bank customers.

 connectIPS e-Payment System has been established by NCHL as a single payments platform, as the part of the national payments infrastructure to support digital payments in Nepal. Other payments infrastructure that are currently operated by NCHL include Electronic Cheque Clearing (NCHL-ECC) system and Interbank Payment (NCHL-IPS) system.