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    Nepal Breaking NewsEconomy | FinanceThe Kamana Sewa Bikas Bank has signed an agreement with the Nepal...

    The Kamana Sewa Bikas Bank has signed an agreement with the Nepal Clearing House for the implementation of NPS Phase 1; non-card transactions would be routed through the national switch.

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    Kamana Sewa Bikas Bank, in collaboration with other commercial banks, development banks, and finance firms, has formally signed an agreement with Nepal Clearing House for the National Payment Switch (NPS Phase 1) Rollout on November 18, 2021, which will take place on the 18th of November. Mr. Maha Prasad Adhikari, Governor of Nepal Bank, as well as Deputy Governors and Executive Directors of Nepal Rastra Bank, as well as other officials, witnessed the signing of the agreement at a function held at the Hotel Yak and Yeti specifically for the purpose of formally signing the agreement.

    Multi-bank integration as well as integration of digital payment suppliers such as the interbank payment system (IPS), ConnectIPS, quick response (QR) code, and other digital ecosystems will be through this system, allowing them to transfer payments.

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    The first step completing work on non-card transactions routing and processing. As part of the first phase of the implementation, all non-card transactions in the country that are completed mobile banking, e-banking, e-wallet, or QR code will be routed through the national payment switch.

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