Nepal Clearing House Ltd. (NCHL) has on-boarded Agriculture Development Bank Ltd. in the connect IPS e-Payment System. The customers of Agriculture Development Bank will now be able to initiate online payments through connect IPS with all transactions processed directly from the bank accounts.
This is expected to support the bank in providing alternate digital channels to its customers, through which the bank customers can avail the services of online fund transfer, e-commerce payment, creditor/biller payments including government tax, Loksewa application fee, Office of Company Registrar payments, Citizen Investment Trust loan repayment, credit card bill payments, mobile wallet top-up, capital market related payments and similar.
The bank’s customers can enroll and link their bank accounts(s) with one-time verification from the bank, after which they can use the system. The payments can be done by the customers from www.connectips.com, its mobile application or through payment processor (gateway) available on the service provider’s respective websites.
Connect IPS is a standardized single payments platform introduced by Nepal Clearing House Ltd., a company promoted by Nepal Rastra Bank and Banks & Financial Institutions. It has already been subscribed by 57 banks and financial institutions among which 51BFIs are now in operations.