Siddhartha Bank is now affiliated with National Payment Switch

KATHMANDU: DEC. 31 – Siddhartha Bank Limited and Nepal Clearing House Limited have formally agreed to start the first phase of the National Payment Switch being implemented by NCHL.

The agreement has been signed by Suresh Raj Maharjan, Head of Payment Solutions Department and Business Support of Siddhartha Bank and Nilesh Man Singh Pradhan, Chief Executive Officer of Nepal Clearing House Limited.

As per the agreement, Siddhartha Bank will be able to use ‘Nepal Pay QR’ and ‘Inter-Network QR’ as per ‘Nepal-QR Standard’ under ‘Retail Payment Switch’ in the first phase of National Payment Switch.

Similarly, Direct Debit Request-to-Pay and e-Mandate devices can be used for various payments including interconnection and PSO settlement through Biller Gateway.

The switch will be the primary basis for retail payments and the bank will be able to provide additional services to its customers through various real-time, non-real-time and open APIs.

At present, there are 36 banks and financial institutions and 39 payment system providers affiliated to the National Payment Switch.