Thursday, January 21, 2021

Banks rollout CorporatePay

 Citizens Bank and Nepal Bank entered into an agreement with Nepal Clearing House Ltd (NCHL) to roll out CorporatePay system as a business payments platform. The more banks are using the CorporatePay platform provided by the NCHL. The system will facilitate the bank’s business customers for initiating digital transactions directly from its bank accounts, according to chief executive officer (CEO) of NCHL Neelesh Man Singh Pradhan.

The banks will provide their business customers with digital platform of CorporatePay that will be used by the businesses to initiate various payment transactions including fund transfer, salary payments, vendor or party payments, government payments and other service payments. “The payments could be bulk or individual with beneficiary credit on real-time or non-real time basis, depending on whether the transactions are processed through connectIPS or NCHL-IPS clearing systems,” Pradhan said, adding that the customers will need to request the bank for enrollment to avail the service, and after the necessary due-diligence, an access to the system is provided based on the approving authority of the users of such institution. “The transactions will then be managed completely by the business institution without manual intervention of the bank within a transaction limit and above the limit it has to be additionally approved by the bank.”

The system also provides a secured mechanism of multi-layer authentication to access the system with multiple approvals for transaction authorisation based on the approving authority provided by the institution. “It also provides facility to link other bank accounts also, through respective banks, that make the CorporatePay system a truly a multi-banking single platform for the business customers,” Pradhan added.

Citizens Bank, and Nepal Bank started this digital platforms for the customers, and others will follow the suit. “With addition of CorporatePay, the banks will help their business customers to digitise their transactions to improve their service delivery, as the need for the customers to approach bank branches will be largely reduced, once the system is fully rolled out,” he said.

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