ECC and IPS
Electronic Cheque Clearing (ECC) ECC is an image-based, cost-effective, MICR 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 presenting bank and the cheques' images are electronically moved between the presenting and paying banks resulting in a faster and easier processing of the cheque transactions. Interbank Payment System (IPS) 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.
* ECC & IPS are products from Nepal Clearing House Ltd. (NCHL)