IPay integrates services with NCHL

Kathmandu, Mar. 12

IPay Remit Pvt. Ltd. has directly integrated its services with Nepal Clearing House Ltd.’s NCHL-IPS and connectIPS e-Payment systems for depositing foreign remittance transactions directly into the beneficiary’s bank accounts in Nepal.

With this arrangement, IPay Remit will be able to process their remittance transactions on real time basis through connectIPS e-Payment low value payment and on deferred basis through NCHL-IPS system for mid to high value payments.

This is expected to considerably improve service delivery of the remittance company.

NCHL has been facilitating the bank account based transactions through its various payment systems and remittance is one of such transactions.

It has already enrolled 6 remittance companies and total of 30 non-bank institutions as its indirect/technical members.

NCHL is working to establish multiple national payment systems in Nepal. Its NCHL-ECC, NCHL-IPS and connectIPS e-Payment systems are currently in operations with participation of almost all the banks and financial institutions (BFIs).

Published in The Rising Nepal daily on 13 March 2020.