Ipay Remit joins NCHL; to be in position to process remittance transactions on real time basis

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

IPay Remit is one of the leading remittance companies in Nepal established six years ago and has been helping more than 1 Million migrant workers to send their hard earned money to their families residing in Nepal through fast, safe and reliable way by using various technologies and collaborations.

NCHL is promoted by Nepal Rastra Bank, banks and financial institutions (BFIs) and Smart Choice Technology Ltd. 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 BFIs.