connectIPS e-Payment System is a faster payment system implemented as a standardized single payment platform for real-time retail payments. It provides multiple channels of web portal, mobile app, payment gateway and open APIs for initiating and processing transactions. The system has also been extended in a branch-assisted model for payment initiation from bank branches through Bank Central Module, whereby the bank branches can initiate such transactions based on the instruction received from their customers.

The transactions being processed through connectIPS includes P2G, G2P, P2P fund transfers, C2B biller payments, capital market-related payments, interoperability between bank account and wallet, etc. All payment transactions are processed directly from/to bank accounts.

The system allows link multiple bank accounts for a user, for which such user needs to enroll, link its bank accounts with one-time verification (manual from the bank or as self-verification) from the respective bank. It is available at www.connectips.com and also on the mobile app. The transaction limit in connectIPSe-Payment is up to NPR 2,000,000 through web channel and NPR 200,000 through the mobile app.

The transactions processed in connectiPS are on real-time such that the finality of the payment is on an instant basis with debtor and creditor accounts reflected on real-time. However, the Nostro banks are settled on a deferred basis, corresponding to which the settlement risk is backed by Settlement Guarantee Fund (SGF).