NCHL successfully brings 50 Businesses in CORPORATEPAY service within 50 days; records transaction of 50 Crores from corporate customers

Since the 50 days of the official launch of CORPORATEPAY system, it has crossed the onboarding of over 50 institutional customers and process transactions of more than NRs 50 Crores. The system has been in operations as a business payments platform to enable digital transactions for institutional customers of the member bank and financial institutions with a specific focus on small/ mid-size enterprises and other institutions.

The institutional customers can initiate various types of payment transactions including fund transfer, salary payments, vendor or party payments, government payments, and other service payments with the needed internal controls for such institutions and the servicing BFIs. The system supports bulk and individual transactions that are processed through underlying connectIPS for real-time or NCHL-IPS for non-real-time as selected by the customers. The system also has a unique feature for linking multiple bank accounts of the customer through respective banks. 

With the level of acceptance by the BFIs and their institutional customers is overwhelming at this early phase, the system is expected to provide a major impetus in the digital payments ecosystem. While the platform as infrastructure has been provided by NCHL, the customers have to approach their banks for enrollment in the CORPORATEPAY system. It is currently available from over 25 banks and financial institutions, with the majority of them in process of enabling their customers.