What is Connect IPS? How connect IPS providing seamless e-government services to citizens in Nepal?

How does connect IPS help in electronic payment? Explain its working principles as well as role in providing seamless e-government services to citizens?
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Connect IPS, e-Payment System is developed and operated by Nepal Clearing House Limited (NCHL), which is licensed & regulated by Nepal Rastra Bank (NRB) as a payment system operator (PSO). NCHL is promoted by Nepal Rastra Bank and majority of the banks & financial institutions.
Connect IPS is a single payments platform that allows the customers to link their bank account(s) to enable payment processor, fund transfer and biller payments. It is an extended product of Nepal Clearing House to support citizen-to-government (C2G), customer-to-business (C2B) and peer-to-peer (P2P) payment transactions directly from/to the bank accounts. The system is available 24x7 through alternate channels of the web (www.connectips.com), mobile App and payment process/ gateway. This can also be accessed from the mobile/internet banking of major banks & financial institutions and App/Web of various mobile wallets.
The working principle of Connect IPS revolves around enabling seamless electronic transactions and fund transfers between participating banks and their customers. By providing a secure, efficient, and convenient payment platform, Connect IPS helps streamline financial transactions and promote digital financial inclusion in Nepal. Some key concept on working Principles of Connect IPS are:
1. Participant Integration: Participating banks and financial institutions integrate with the Connect IPS platform, enabling their customers to access electronic payment services.
2. User Registration: Customers register for Connect IPS services through their respective banks, linking their bank accounts with their Connect IPS profiles.
3. Transaction Initiation: Users initiate transactions, such as fund transfers, bill payments, and online purchases, through the Connect IPS portal or mobile app.
4. Authorization: Transactions are authorized using multi-factor authentication methods, such as passwords, OTPs (One-Time Passwords), or biometric
verification, to ensure security and prevent unauthorized access.
5. Payment Settlement: Upon authorization, funds are transferred between the sender's and receiver's bank accounts through the Connect IPS platform.
Transactions are settled in real-time or batch mode, depending on the nature of the transaction.
6. Confirmation and Notification: Both parties receive confirmation of the transaction, and the sender and receiver are notified via SMS, email, or in-app notifications.
7. Generating Report: The Connect IPS platform facilitates reporting processes for participating banks and financial institutions. It provides transaction details, settlement reports, and other relevant information to help banks maintain accurate records and comply with regulatory requirements.
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