Usefulness of NCHL-IPS system gaining more momentum; City Express Money Transfer becomes new member in the System

With an objective to promote electronic payments in Nepal, apart from the banks and financial institutions, Nepal Clearing House Ltd. (NCHL) has enrolled City Express Money Transfer as an Indirect Member of the interbank payment system (NCHL-IPS), corresponding to which the transactions have been stated from today. The agreement was signed by Mr. Neelesh Man Singh Pradhan, CEO of NCHL and Mr. Chandra Tandon, MD of City Express Money Transfer.

NCHL will provide access to the NCHL-IPS system to City Express through which it will now be able to transfer inward remittances directly into the bank accounts of the beneficiaries. Prior to this, City Express and other remittance companies were processing such transactions through their respective banks. But as an Indirect Member they will have direct access to the system and will also be able to fully integrate with their internal remittance system for complete automation. NCHL-IPS system currently has 78 member banks and financial institutions as its member with coverage of over 4,100 branches all over Nepal, which is expected to increase convenience and financial transparency for such remittance transactions.

City Express Money Transfer is one of the major remittance companies in Nepal which is bringing inward remittances from major countries of Middle East, Malaysia, Korea, Japan, etc. Both the companies believe that remittance transactions directly through NCHL-IPS system will support the policies of the Government of Nepal with regards to remittances and recent directive of Nepal Rastra Bank of direct account transfer for remittance amount above one lakh.