Kathmandu. An agreement has been reached between NCHL and 29 banks and financial institutions on November 20 for the launch of the first phase of National Payment Switch (NPS) being implemented by Nepal Clearing House. Representatives of NCHL and related banks and financial institutions exchanged MoUs at the event hosted by Governor Maha Prasad Adhikari of Nepal Rastra Bank.

A total of 29 banks and financial institutions, including 18 commercial banks, 5 development banks and 6 finance companies, have so far signed agreements for the implementation of the National Payment Switch. The company has stated that it will now move ahead with the implementation of the agreement as all necessary preparations have been made for the first phase to provide additional digital payment tools and services while maintaining interconnection between non-card payment systems.

In the first phase of National Payment Switch, under Retail Payment Switch, NepalPay QR and Internet Network QR, direct debit request-to-pay and e-mandate devices, wallet-wallet interconnection, interconnected payment through various biller gateways and payment instruments for various payments as per Nepal-QR standard. Will be available.

Banks, financial institutions and non-banking institutions will be able to provide additional services to their customers through various real-time, non-real-time and open APIs as the primary infrastructure of the switch retail payment. Similarly, in the second phase, the necessary work of National Card Switch and Nepal Payment Card has been started for the payment of card and card related, the company said.