Ever heard about the corporatePAY and wonder what it is? The corporatePAY (Corporate Platform For Business Transactions) is a system provided by NHCL (Nepal Clearing House Limited) for its member banks and financial institutions (BFIs) to initiate digital payments service to their corporate clients. It is a business payment platform that allows corporate and business customers of member banks and financial institutions (BFIs) to make digital payments from any of the accounts maintained at member banks to their customers, employees, clients, creditors, and the government.
It also allows the business customers to process real-time payments through the connectIPS e-Payment system and non-real-time bulk payments through NCHL-IPS system, with all the necessary multi-user controls required for such business transactions.
The system is hosted by Nepal Clearing House Limited (NCHL), established on 23rd Dec 2008. It has been providing safe and convenient transaction methods. And now, it has the digital method of fund transfer as “corporatePAY.”
The best part of the service is, it has multi-layer authorization before you complete the transaction, which makes the user feel secure. The limit for the transaction is first assigned by the respective member bank, and no further transaction can be made without the further approval of the respective bank.
The services available are:
- Interbank and Intra-bank Fund Transfers
- Salary Payments
- Vendor Payments
- Government Tax and Revenue Payments
- SSF, EPF, CIT Payments
- Creditor/ Service Payments
- Other payments
Key Features of CorporatePay
- Single-channel for multi-banking and multi-accounts
- Available on both the public and the private network (for higher security and higher limits)
- The two-factor authentications and multi-user authorization has been used for the secure completion of the transaction
- Robust reports and reconciliation.
- Bank can set the flexible limit for the transaction according to the respective member bank, which may vary with other member banks.
Ways to enroll
- Corporate needs to contact its nearest bank for further details and the process of enrollment.
- Complete a one-time enrollment process at the bank with required supporting or authorized documents along with a list of authorized users.
- Bank will then enroll the corporate in the system, create users, and finally apply authorization limits.
- The login and the other details of the users should be obtained through a secured communication channel.
List of Bank and Financial Institutions that have already subscribed or are in a testing phase.
Bank with subscription
- Sanima Bank Ltd
- Himalayan Bank Ltd
- Machhapuchhre Bank Ltd
- Global IME Bank Ltd
- NICA Bank Ltd
- Civil Bank Ltd
Bank in a testing phase
- Mega Bank Ltd
- Nepal Bangladesh Bank Ltd
- NMB Bank Ltd
- Prime Commercial Bank Ltd
- Nepal Credit and Commerce Bank Ltd
- Prabhu Bank Ltd
- Garima Bikash bank Ltd
- Muktinath Bikash Bank Ltd
- Mahalaxmi Bikash Bank Ltd
- Kamana Sewa Bikash Bank Ltd
Financial Institution in the testing phase
- Goodwill Finance Ltd
- Reliance Finance Ltd
- ICFC Finance Ltd