Commercial banks select NCHL as its RTGS Integration partner; core banking system of most commercial bank to take place under Real Time Gross Settlement System of NCHL

In co-ordination with Nepal Banker’s Association, Nepal Clearing House Ltd. has signed agreement with majority of the commercial banks as Integration Partner to facilitate the banks for integrating its core banking system with Real Time Gross Settlement System (RTGS) that is under implementation by Nepal Rastra Bank (NRB). The agreement was signed today, in a signing ceremony event organized at Hotel Royal Singi, Durbarmarg, in presences of the Executive Director of Payments System Department NRB, President of Nepal Banker’s Association and the CEOs & representatives of various the commercial banks.

As per the arrangement, NCHL will facilitate the banks in providing required ‘RTGS Integration Middleware’ that will enable the banks to initiate and process transactions between RTGS system and its internal system, which is considered to be the key component for the successful rollout of RTGS system. And with today’s partnership, NCHL will facilitate the banks for integration, which is expected to support the NRB’s initiative of timely implementation of RTGS.

NCHL has been providing its member banks and financial institutions (BFIs) with the payment infrastructures of NCHL-ECC, NCHL-IPS and connectIPS e-Payment systems, along with necessary integration components and other consolidated application programming interfaces (APIs). And, as part of the RTGS Integration, NCHL will be customizing the existing integration arrangements to support the requirements of the banks for RTGS.

RTGS system is meant for processing of high value transactions between the participating banks financial institutions and for settlement of net clearing positions of national payment systems. RTGS in Nepal is being implemented by Nepal Rastra Bank with support from DFID, Sakchyam Access to Finance for Poor Programme, corresponding to which the system is being rolled out with commercial banks and NCHL in the first phase.

For more information, visit www.nchl.com.np.