Kamana Sewa Bikas Bank signs Agreement with Nepal Clearing House for NPS Phase 1 Rollout; non-card transactions to be routed via national switch

Kamana Sewa Bikas Bank has officially signed an agreement with Nepal Clearing House for National Payment Switch (NPS Phase 1) Rollout on 18^th November 2021 along with other commercial banks, development banks, and finance companies. The agreement was signed in presence of the Governor of Nepal Rastra Bank Mr. Maha Prasad Adhikari, Deputy Governors and Executive Directors of Nepal Rastra Bank along with other officials amidst a function held at Hotel Yak and Yeti specifically for signing the agreement.

This will integrate multiple banks, digital payment vendors such as interbank payment system (IPS), ConnectIPS, quick response (QR) code, and other digital ecosystems into one system enabling them to transfer funds.

The first phase involves working on routing non-card transactions. All non-card transactions in the country that are done through mobile banking, e-banking, e-wallet, or QR code will be routed through the national payment switch in the first phase.