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NBB automates linking of accounts in connectIPS August-27-2020
NBB automates linking of accounts in connectIPS

Nepal Bangladesh Bank Ltd. has automated the entire process of account linking within connectIPS, based on which the customers can now link their bank accounts online through a self-verification process. The customers of the bank will be able to enroll and link their bank accounts online, as they will no longer have to visit the bank branch in person to verify its liked bank account(s).

Once a bank account is linked within connectIPS under “Link Account”, the customer can do the online verification from ”Self-Verify Account” option within the system. And the process is completed with multi-factor authentications based on verification of customer information, OTP(One Time Password) and micro deposits.Some of the other banks and financial institutions are also undergoing their internal testing and are planned for rollout in near future.

The self-verification of linked account in connectIPS is believed to largely help the customers of the member BFIs for using alternative digital platforms for fund transfer and payments. The feature will also make it convenient for the customers to use connectIPS during the current pandemic situation with intermittent mobility.connectIPSis been used by the bank customers for fund transfer and service payments directly from its own channels of mobile app, connectips.com and payment gateway or from mobile/ internet banking of majority of the BFIs.