CORPORATEPAY transactions exceeded more than NRs 55 billion this fiscal year. It is a system by NCHL among the other six systems.
The system has been in use as a business payments platform for member banks and financial institution customers. It was developed by NCHL in order to provide an easy digital payment platform for small and mid-size businesses and institutions.
The CORPORATEPAY system’s adoption has grown significantly, with more than 48 BFIs now offering it, and about 2,600 institutional customers of the BFIs using it for their business payments.
The CORPORATEPAY system is primarily used by BFI institutional customers for the activities like:
- Fund transfers
- Payroll payments
- Vendor or party payments
- Government payments
Other payment options like Nepal Oil Corporation, the Department of Customs, and others have recently been added to the system.
What are the benefits of CORPORATEPAY to its business customers?
Customers will benefit from internal controls such as multi-authorization and hierarchy for handling multiple account signatories.
It supports both bulk and individual transactions processed through the underlying retail payment switch for real-time transactions up to NRs. 20 lakhs per transaction; NCHL-IPS for non-real-time transactions up to NRs. 20 crores per transaction; and NRs. 30 crores per transaction for government revenue payments.
It gives consumers a further benefit by allowing them to link various bank accounts through their separate BFIs and operate through a single CORPORATEPAY channel.
The system is projected to provide substantial impetus in the digital payments ecosystem by enabling enterprises to conduct digital transactions, given the level of adoption by BFIs and their institutional customers. While NCHL provides the platform architecture, it is mostly handled by the BFIs who is in charge of enrolling institutional customers.
The businesses must contact their respective banks and submit their application for CORPORATEPAY. The bank then verifies their credentials and gives them the CORPORATEPAY account. Then, businesses can operate their digital transactions through this sophisticated system.
What are the required documents for registering in CORPORATEPAY?
The businesses are required to submit these documents for registering in CORPORATEPAY:
- Business Registration Certificate
- PAN/VAT reigtsration certificate
- Copy of citizenship ID of the owner or signatories
- Official Stamp
- Tax Clearance (According to the bank’s requirement)
With these documents, you can register in CORPORATEPAY and then grow your business through easy payments.
NCHL’s role in transforming digital economy is a commendable one; With the growing CORPORATEPAY transactions, it is even growing bigger
Nepal ClearingHouse Limited (NCHL) is a company promoted by Nepal Rastra Bank and other BFIs. It is an entity established in order to facilitate digital payments and clearing in both real-time and non-real-time. For real-time settlements, connectIPS is providing a platform for retail payments and vendor listing. Moreover, for the high-value transactions, there is an RTGS system that can be accessed through CORPORATEPAY, NCHL-IPS, and NCHL-ECC. NCHL is contributing to the economy more with the introduction of the National Payment Switch too. It integrates almost all the payment options like digital wallets, mobile banking, QR codes, PSPs, PSOs, and cards in a single platform.
CORPORATEPAY’s transaction has indicated that digital transactions are growing in Nepal. With an internet penetration of 113.57% (Mid- October 2021) and mobile broadband access up to 84.63%, the infrastructure for digital payments is also growing.