Corporatepay processes over Rs 55 billion transactions this fiscal so far

NL Today

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Kathmandu: Corporatepay system has been able to process landmark transactions of more than Rs 55 billion in this fiscal year so far.

The system has been in operation as a business payments platform for the institutional customers of the member bank and financial institutions with a specific focus on small & mid-size enterprises and institutions, Nepal Clearing House said in a statement.

The acceptance of the Corporatepay system has considerably increased, as it is now available from more than 48 BFIs with almost 2,600 institutional customers of the BFIs have been using the system for their business payments, according to the statement.

The institutional customers of the BFIs are using the Corporatepay system mainly for fund transfer, salary payments, vendor or party payments and government payments. The system has also been recently enhanced with additional features for payments to Nepal Oil Corporation, Department of Customs and others.

The system has the needed internal controls for the customers like multi-authorization and hierarchy for managing multiple signatories of an account.

Its supports bulk and individual transactions that are processed through underlying retail payment switch for real-time transactions up to Rs two million per transaction; NCHL-IPS for non-real-time transactions up to Rs 200 million per transaction and Rs 300 million per transaction for government revenue payments.

 It provides additional benefit to the customers for linking multiple bank accounts through its respective BFIs and operating from the single channel of Corporatepay, reads the statement.