The settlement value of CORPORATEPAY transactions from the beginning of the current fiscal year through the end of Poush 2079 has reached NRs 202 Billion.
During the full fiscal year 2078–79, it was just NRs 190.5 billion. Business and institutional use of CORPORATEPAY as the main channel for B2B payments has significantly expanded, which has contributed to a more than twofold increase in transaction volume.
Currently, more than 6,100 institutional clients from the more than 44 BFIs utilize the platform. The ability to initiate and handle cash transfers, government tax payments, salary payments, EPF/CIT/SSF payments, vendor and party payments, as well as other service payments, is provided to enterprises. Bulk payments for utility and creditor payments, such as license renewal for Beema Samiti, Nepal Oil Corporation, Social Security Fund, Citizen Investment Trust, Employee Provident Fund, Department of Customs, Employee Provident Fund, etc., are also offered as extra services. The platform enables users to sign up for and manage several bank accounts as well as associated services through a single channel. It has made it possible for corporations to handle their funds and accounts receivable.
The transaction limits for CORPORATEPAY transactions range from NRs 20 lakh in RPS to NRs 20 Cr in NCHL-IPS, and they may be executed in real-time through retail payment switch (RPS) or in batches through NCHL-IPS. The system may be utilized via a protected network with multi-factor authentication and permission for further security. The corporates can specify the account operating requirements depending on bank account, amount, or transaction type for a better degree of control and risk management.
The corporatepay.connectips.com website makes it simple for businesses to start an online registration process. There, they may input their registration information, assign people to hierarchical roles, choose their bank account information, and finish a one-time registration procedure. Once the company and its users have been activated, the relevant bank will perform a one-time approval based on the documentation supplied or already on file with the bank. The banks also have the option of manually enrolling their institutional clients.