NIC Asia Bank Ltd. has established a self-verification process within connectIPS for online connection of its customer accounts. Customers of NIC Asia Bank will be able to enroll in connectIPS and link their bank accounts without having to visit the bank branch in person. This initiative by NIC Asia to allow its clients to link online is likely to help its consumers even more during this pandemic emergency. With the growing popularity of digital transactions such as fund transfers and service payments via alternative channels, bank clients are increasingly utilizing connectIPS, either through the connectIPS mobile app or online application or through the bank’s own mobile banking.
For accounts linked through self-verification, the bank will enable transactions of up to NRs. 2 lakh per day and NRs. 10 lakh per month. Such limits can later be increased to the maximum connectIPS limit via manual form-based approval.
How can I connect my bank account to self-verification?
- Link the desired bank account in connectIPSfrom“Link Account” option.
- Select the “Self-Verify Account” optionunder “Manage Account” section.
- Enter the OTP(One Time Password) sent by the bank to the registered mobile number.
- Enter twomicro payments deposited at your bank account (intended for linking).
- The linked account can now be used from connectIPS mobile app and web application.
The customer must check that the mobile number used in connectIPS matches the one provided by the bank. The transaction limit provided for such self-verified accounts will be determined by the bank and may differ between banks.
ConnectIPS now supports self-verification for account linkage and verification for 17 commercial banks, 6 development banks, and 1 financing firm. A few additional BFIs are also nearing the finish of the process of expanding this service. ConnectIPS has around 54 BFs as members in its network.