Rastriya Banijya Bank-Nepal Clearing House Agreement

Kathmandu (US). Nepal Clearing House has entered into an agreement with Rastriya Banijya Bank for the launch of the first phase of the National Payment Switch being implemented. The bank is going to launch corporate pay system for institutional customers so that digital payments can be made from bank accounts.

The agreement was signed by Devesh Prasad Lohani, Deputy Executive Officer of the Bank and Nilesh Man Singh Pradhan, Chief Executive Officer of Nepal Clearing House.

After the agreement, Rastriya Banijya Bank will be able to use Nepal Pay QR and Internet Network QR, Direct Debit Request-to-Pay and e-Mandate devices, interconnection through various biller gateways and PSO settlements for various payments as per Nepal-QR standard under retail payment switch in the first phase of National Payment Switch. The agreement was signed by Devesh Prasad Lohani, Deputy Executive Officer of the Bank and Nilesh Man Singh Pradhan, Chief Executive Officer of Nepal Clearing House.

After the agreement, Rastriya Banijya Bank will be able to use NepalPay QR and Internet Network QR, Direct Debit Request-to-Pay and e-Mandate devices, interconnection through various biller gateways and PSO settlements for various payments as per Nepal-QR standard under retail payment switch in the first phase of National Payment Switch.

By providing corporate pay system as a digital platform to its business customers, the bank will be able to easily transfer funds from various commercial payment accounts including fund transfer, salary payment, vendor payment, government revenue payment without going to the bank through this system. Through this system, real-time or non-real-time payment transactions can be done on Connect IPS or NCHL-IPS.

At present, there are 34 banks / financial institutions and a total of 35 institutions affiliated with one payment system provider in the National Payment Switch.