Smart Pay is an advanced Inter Bank Fund Transfer service (IBFT) offering seamless fund transfer experience. Utilizing the SCT Network, Smart Pay enables smooth interoperability between different banks and financial institutions, aligning with the guidelines set by the Nepal Rastra Bank (NRB) and the Government of Nepal. While the concept of transferring funds between banks is not new to the financial sector, what truly distinguishes Smart Pay is its cutting-edge ability to validate bank account numbers in real-time with minimal latency, ensuring a swift and secure transaction process.

This innovative service empowers customers to send money directly from one bank account to another, making the process significantly more straightforward and efficient. The traditional barriers and complexities that often accompany interbank transactions are eliminated, allowing for a hassle-free experience. With Smart Pay, customers can move or transfer funds easily to any participating financial institution, which includes A-class, B-class, and C-class banks. This broad range of connectivity allows for a versatile and accessible fund transfer solution, helping to create a more inclusive and interconnected banking ecosystem.

Smart Pay‘s design and operation is specifically tailored to foster seamless interbank transactions, providing a higher level of customer convenience and satisfaction. The platform ensures that both individuals and businesses can transfer money with confidence, knowing that their funds are being moved securely and swiftly across institutions. In doing so, Smart Pay is playing a crucial role in modernizing the financial services landscape in Nepal, reinforcing the commitment to financial inclusion and the continued development of the nation’s banking infrastructure.

Features of Smart Pay:
1. Uses RSA with SHA256 algorithm with PKCS1 padding
2. L2 VPN is configured between banks before accessing the server.
3. Only specific authenticated users are given access to the server.
4. Password Policies are implemented for the server.
5. IPS/IDS in firewall
6. Endpoint defender is installed in the server
7. File scanning protection

Benefits to Members:
We believe that our members are the ones who actually drive us. SCT guarantees benefits to our members in terms of efficiency, reliability, exposure as well as cost.

Some of the benefits to our members are:
1. Payment Automation
2. Maximize business of your institutions
3. Real Time Payments & Settlements
4. Capital Management
5. More Control on the finances
6. Developer Friendly
7. Decrease in manpower expenditure towards reconciliation
8. Quick Dispute handling