IME Ltd. and Nepal Clearing House Limited (NCHL) have inked agreement for Interbank Payment System (NCHL-IPS). NCHL-IPS facilitates non-paper and non-card based electronic transactions and supports both payment (direct credit) and collection (direct debit) based transactions between its member banks and financial institutions. Mr. Suman Pokharel, CEO, IME Ltd. and Mr. Nilesh Man Singh Pradhan, CEO, NCHL have signed the agreement representing both the institutions. Based on the agreement, NCHL will provide system to IME Ltd. as an Indirect Member to operate Interbank Payment System from its network. 

Using NCHL-IPS, IME can now deposit the remittance received by customers directly into any bank account maintained at member banks and financial institution of the company. The transactions made under the system are transparent, less risky and facilitate ease of payment even to high volume transaction. It also facilitates payment facilities which support modern international technology. IME is the second indirect member to be enrolled into the NCHL-IPS system which has tie ups with 35 banks and financial institutions and another remittance company. 

 

NCHL will be signing similar NCHL-IPS subion agreements with other banks and financial institutions. NCHL currently has over 125 member banks and financial institutions within its network and has set its objectives to establish and operate multiple national payment systems in Nepal.