NCHL Introduces Cross-Border Payment Feature for The United States and Nepal with XUNO

Finance

Apr 4

KATHMANDU, Nepal, April 4, 2024 (VSNewsNetwork.com) - Nepal Clearing House Limited (NCHL), in collaboration with XUNO, has launched a new cross-border Request to Pay (r2px) feature, integrated within its connectIPS payment platform. This initiative marks an advancement in facilitating seamless financial transactions between Nepal and the United States, connecting sending and receiving banks directly for the first time.

The r2px feature, a messaging overlay solution, enables individuals, businesses, and financial institutions to request and receive payments across borders in real-time. This development positions NCHL as the first clearing house to incorporate a cross-border “request to pay” module within a national payment infrastructure, linking all national member banks in Nepal to XUNO’s neo-banking network in the US.

Neelesh Man Singh Pradhan, CEO of NCHL, highlighted the impact of this innovation, stating, “Today, despite access to technology and connectivity, sending and receiving banks across borders have not been able to communicate in real-time, resulting in a multitude of frictions. By partnering with XUNO, we are now able to place the power directly in the hands of the beneficiaries, to proactively and equitably participate in cross-border payment opportunities.”

The r2px feature allows beneficiaries in Nepal to initiate payment requests to US-based payers, facilitating real-time remittance receipt in their local bank accounts through the connectIPS platform. This reverse remittance feature simplifies the payment process, offering a proactive approach for beneficiaries to engage in cross-border transactions.

Bal Krishna Joshi, Founder of XUNO, expressed enthusiasm for the partnership, saying, “As a company committed to revolutionizing payments and banking through best-in-class technology, we are excited to see NCHL embrace an innovative solution. We congratulate the NCHL team for their visionary leadership and for spearheading the much-needed change in the cross-border payment landscape.”

The r2px feature addresses key issues such as compliance, cost, customer experience, and security. It ensures jurisdictional compliance, reduces transaction costs by eliminating intermediaries, and enhances the customer experience by allowing direct fund receipt into bank accounts. Additionally, the feature employs robust encryption algorithms to secure message delivery, ensuring message authentication and confidentiality.

For more information and a tutorial on the r2px feature, visit https://www.youtube.com/watch?v=QGp-tcf7maY&feature=youtu.be or watch the video below: