Kathmandu, 16 June. Nepal Clearing House Ltd. (NCHL)’s connectIPS e-Payment System has crossed, for the first time, daily transaction value of over Rs. 2 billion since 8th June, 2020.
The company has said that it is a landmark reached for a real-time retail payment system implemented by NCHL and since its operations two years ago.
The month to month connectIPS transaction has grown by 75 per cent and 186 per cent in terms of number and value respectively, during the three months of lockdown.
The monthly total transaction value in connectIPS e-payment system during the last months of Chaitra, Baishak and Jestha have remained at Rs. 13.8 billion, Rs. 24 billion and Rs. 39.5 billion respectively.
‘It is also noteworthy that 64 per cent of the transactions were initiated through National Payments Interface (NPI), which is a consolidated APIs for allowing the institutions to initiate their transactions through their alternate channels towards connectIPS or NCHL-IPS or other systems,’ said the company.
NPI acts as a local domestic payments rail for integration and interoperability of the alternate channels (mobile, internet, corporate banking) of banks and financial institutions, PSPs/PSOs, government entities and other large institutions.
It is being used by 6 mobile wallets (other 8 on pipeline), almost all insurance companies, remittance companies, Nepal Stock Exchange, stock brokers, social security fund, employee provident fund, and almost all BFIs.
According to the company, connectIPS platform has enrollment of over 58 BFIs and allows the bank customers to initiate fund transfer based on bank account of any beneficiary or mobile number of other users.
Such fund transfer can also be done easily from the bank’s own mobile or internet banking, which does not require separate enrollment in the connectIPS.
Some of the other payments available in the platform are Government revenue payment, CIT loan repayment, Social Security Fund payment, credit card bill payments, mobile wallet top-up, capital market related payments, e-commerce payments, school/colleges, insurance payments and similar.
NCHLcurrently handles daily average transaction of over Rs. 100,000 equivalent to daily settlement value of above Rs. 40 billion, through all its payment systems.
