Since the 50 days of the official launch of the CORPORATEPAY system, it has crossed the onboarding of over 50 institutional customers and process transactions of more than NRs 50 Crores. The system has been in operations as a business payments platform to enable digital transactions for institutional customers of the member bank and financial institutions with a specific focus on small/ mid-size enterprises and other institutions.
The institutional customers can initiate various types of payment transactions including fund transfer, salary payments, vendor or party payments, government payments and other service payments with the needed internal controls for such institutions and the servicing BFIs. The system supports bulk and individual transactions that are processed through underlying connectIPS for real-time or NCHL-IPS for non-real-time as selected by the customers. The system also has unique feature for linking multiple bank accounts of the customer through respective banks.
With the level of acceptance by the BFIs and their institutional customers is overwhelming at this early phase, the system is expected to provide a major impetus in the digital payments ecosystem. While the platform as infrastructure has been provided by NCHL, the customers have to approach their banks for enrollment in the CORPORATEPAY system. It is currently available from over 25 banks and financial institutions, with the majority of them in process of enabling their customers.
Also Read: How to Make Payments for Financial Institutions from ConnectIPS? Here’s What you can do with it
About CorporatePAY:
CorporatePAY is a Business Payment Platform hosted by Nepal Clearing House Ltd. (NHCL) for its member banks and financial institutions (BFIs).
It acts as a business payment platform that grants the corporate and business customers of the member banks and financial institutions(BFIs) to initiate digital payments from any of the accounts which are regulated at the member banks. The business model of CorporatePAY allows the business customers to complete a transaction for processing real-time payments through ConnectIPS e-payment system and non-real-time bulk payments through NHCL IPS, which includes all the important multi-user controls necessary for processing such business transactions.
It is also involved with many commercial, development banks, and financial institutions. They function together in an attempt to provide high-quality services.
