Sanima Bank starts corporatePAY system
Sanima Bank Ltd. has rolled out corporatePAY system for the first time to facilitate its business customers for initiating digital payout transactions directly from the bank accounts. corporatePAY solution is an electronic banking system promoted by Nepal Clearing House Ltd. (NCHL).
The bank will provide digital platform of corporatePAY to business customers to initiate various payment transactions including employee salary payment, third party payment, government payment and other service payments. Such payments could be bulk or individual with beneficiary credit on real-time or non-real time basis, depending on whether the transactions are processed through connectIPS or NCHL-IPS clearing systems.
The customers have to request the bank for enrollment to avail the service, and after the necessary due-diligence, an access to the system will be provided based on the approving authority of the users of such institution. The transactions can then be managed completely by the business institution without manual intervention of the bank within a transaction limit. The system provides a secured mechanism of multi-layer authentication to access the system with multiple approvals for transaction authorization based on the approving authority provided by the institution.
Sanima Bank has been promoting digital payments system, and the rollout of corporatePAY system is expected to be one of the major milestones in such direction.
Sanima Bank is providing banking services from 83 full-fledged branches, 16 extension counters and 81 ATM networks in all 7 provinces.