August 13: Machhapuchchhre Bank and Mahalaxmi Bikas Bank have adopted the connect IPS e-Payment System from Sunday, August 12, to facilitate their customers to initiate online payment. With this, the customers of Machhapuchchhre Bank and Mahalaxmi Bikas Bank will be able to make online payment of up to Rs 100,000 per transaction through the connect IPS system, according to Nepal Clearing House Limited (NCHL) which introduced the online payment system.

“The banks’ customers can enroll and link their bank account(s) with one-time verification from their respective banks, after which they can use the payment services including fund transfer, online payment and bill payment. All such transactions are processed directly from the bank accounts and do not require any intermediary,” reads a statement issued by NCHL.

According to NCHL, connect IPS e-Payment System has already been subscribed by 32 banks and financial institutions among which 22 are already in operations.