Kathmandu. Excel Development Bank and Nepal Clearing House Limited have signed an agreement for principal membership of NPS-NCS and Domestic Card Scheme Nepal Pay Card and inter-country payments on Nepal Pay QR.
Chief Executive Officer of the Bank Dr. Indra Kumar Kattel and Chief Executive Officer of NCHL Nilesh Man Singh Pradhan signed the agreement on behalf of their respective sides.
Banks and financial institutions are joining NPS-NCS and Nepal Pay Card after NCHL recently announced the completion of NPS-NCS infrastructure and urged banks and financial institutions to integrate their switch for Nepal’s own domestic card scheme Nepal Pay Issue and Acquiring.
After the commercial rollout of Nepal Pay Infrastructure, Excel Development Bank will be able to issue and acquire the card for the customers. NPS-NCS is being established as a central card switch for domestic card transaction rounding and settlement by maintaining interconnection between different card switches.
Full implementation of this system is expected to reduce domestic card transaction costs, ensure data localization and develop and promote the latest tools in the digital ecosystem.
