Kathmandu, Jan. 5
General Insurance Company (GIC) Nepal Limited and
IME General Insurance Limited are connected with the National Payment Interface
(NPI) of National Payment Switch under Nepal Clearing House Limited (NCHL).
The two companies signed a Memorandum of
Understanding (MoU) to implement the digital payment system through NCHL's
infrastructure. GIC's Chief Executive Officer Ram Chandra Shrestha and IGI's
CEO Yugesh Bhakta Bade Shrestha signed separate MoUs with CEO Nilesh Man Singh
Pradhan on Wednesday.
This agreement connects the internal payment system
of the two insurance companies to NCHL-IPS and ConnectIPS, and facilitates the
payment of insurance claim, credit note, agent commission, survey, vendor and
other transactions directly through the NCHL-affiliated banks.
"It will also help the company to shift the
payment transactions from various accounts to its operating account," they
said in a statement.
Insured of more than 30 life and non-life insurance
companies are making the payment of insurance premium through ConnectIPS while
eight life and non-life companies are affiliated to NPI.
Currently, NPI has 60 banks and financial
institutions as members and 69 non-banking institutions like PSO, remittance
companies, merchant banks, government and non-government organisations as
technical members.
Published in The Rising Nepal daily on 6 January 2022.
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