Siddhartha Bank signs Agreement with Nepal Clearing House for NPS Phase 1 Rollout

Siddhartha Bank has officially signed an agreement with Nepal Clearing House for National Payment Switch (NPS Phase 1) Rollout and Corporatepay service on Poush 16, 2078 along with other commercial banks, development banks, and finance companies.

The agreement was signed by the head of Payment Solutions and Business Support department of the bank Mr. Suresh Raj Maharjan and CEO of NCHL Mr. Nilesh Man Singh Pradhan amid a program.

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.