Inter Bank Transaction

ICFC allows you to perform Inter Bank Transaction using various medium of Channels. With the help of Nepal Clearing House Limited (NCHL), 

Nepal Clearing House Ltd. (NCHL) is a public limited company established on 23^rd December 2008 (8^th Poush, 2065) under the leadership and guidance of Nepal Rastra Bank (The Central Bank of Nepal). It has the equity participation from Nepal Rastra Bank, commercial banks, development banks, finance companies and Smart Choice Technologies (SCT), a private card switch operator. NCHL recognizes banking & financial technology oriented services as one of the key ingredients for the Banks/FIs to improve their efficiency, productivity and also provide innovative financial solutions to their customers. And NCHL intends to help them realize these by providing various technology based payment related services without having to invest heavily into infrastructures by the Banks/FIs.

Inter Bank Transaction Services:

1.Electronic Cheque Clearing System ( ECC )  :

Electronic Cheque Clearing (NCHL-ECC) is an image-based, cost-effective, MICR (Magnetic Ink Character Recognition) cheque processing & settlement solution where an original paper cheque is converted into an image for electronic processing of the financial transactions between participating member Banks/FIs. The physical movement of the cheques are truncated or stopped at the level of the presenting bank in the NCHL-ECC System. The cheque does not physically travel to the clearing house or to the paying branch as it used to do in manual clearing process, resulting in a faster and easier processing of the cheque transactions.

NCHL-ECC currently supports cheques clearing of four currencies NPR, USD, GBP and EUR with presentment cut-off time at 14:00, paying bank response cut-off time at 15:00 and final settlement at 15:30 for standard (MICR encoded) cheques. Express Clearings and High Value Clearing are also available, which are of shorter durations.

2.Inter Bank Payment System ( IPS ):

NCHL-IPS is a system to safely and efficiently tranfer funds from one account to any other account held at any of the participating member banks & financial institutions (BFIs). It supports account to account payments (Direct Credit) and collection (Direct Debit) related transactions. The underlying transaction could be for various pruposes defined as products.

NCHL-IPS currently supports transaction in four currencies NPR, USD, GBP and EUR with presentment cut-off time at 13:00, reply cut-off time at 14:30 and final settlement after 15:00. Transaction sessions of shorter durations are also available for specific products (purposes).

3.Inter Bank Payment System ePayment ( connectIPS ePayment) :

ConnectIPS e-Payment is a single electronic platform for the bank customers to initiate their payment transactions directly from the bank accounts. It works as a payment processor for creditor/ merchant payments and supports account to account fund transfers. However, the user needs to enroll within connectIPS, link its bank account and verify the linked account from its bank, as one-time process. Currently, it is available in web version, www.connectips.com and Mobile App. Per user per bank account transaction limit is up to NRs 100,000 for online (web) and up to NPR. 5,000 for mobile app.

The services that is currently available through connectIPS e-payment include Government payments, Online Fund transfer, Credit card bill payments, Mobile wallet top-up and Share brokers payments. Other services will be added in near future

For further details and enrolment, kindly to visit www.connectips.com. Android mobile app can be downloaded from Google Play store at https://goo.gl/hCvs3j

4. Inter Banking Payment System (IPS) through ICFC Mobile Banking (mBank):

ICFC has initiated Inter Banking Payment System through their mobile banking services in association with NCHL. Customer can transfer amount in any banks within Nepal with low charge. The transaction limit through mobile channel has been defined as below.

• Minimum amount per transaction                  :Rs 100.00
• Maximum amount per transaction                : Rs. 2,00,000.00
• Maximum number of transaction per day     :10
• Maximum transaction amount per day         : Rs. 2,00,000.00
• Maximum transaction amount per month     :Rs. 10,00,000.00

5. Inter Banking Payment System (IPS) through CellPay:

ICFC has initiated Inter Banking Payment System through CellPay. Customer can transfer amount in any banks within Nepal with low charge.

6.Inter Banking Fund Transfer through ICFC ebanking:

ICFC has initiated Inter Banking Fund Transfer in realtime through ICFC ebanking. Customer can transfer the amount in any banks within Nepal though ICFC ebanking. The limit for the transaction is mentioned as below:

• Minimum amount per transaction                  :Rs 100.00
• Maximum amount per transaction                : Rs. 10,00,000.00
• Maximum number of transaction per day     :10
• Maximum transaction amount per day         : Rs. 20,00,000.00
• Maximum transaction amount per month     :Rs. 30,00,000.00