Inauguration of Digital Standing Instructions by MetLife Nepal & SCBNL for premium payments collection

KATHMANDU: MetLife Nepal Insurance Co. Ltd. has collaborated with Nepal Clearing House Ltd. (NCHL) and Standard Chartered Bank Nepal Ltd. (SCBNL) to enable digital standing instructions (e-Mandate) for premium payment by integrating its system with NCHL’s National Payments Interface (NPI).

MetLife Nepal has permitted this capability for the first time in Nepal’s insurance business.

MetLife Nepal customers can make their premium payments in a hassle-free manner by subscribing to the digital standing instruction-based e-Mandate option enabled for such payments.

Upon customer subscription, this feature enables for the direct debit of the customer’s account on the due date of premium payment.

After logging onto MetLife Nepal’s site, the customer will provide the relevant mandate information (payment frequency and amount), and the feature will be enabled upon submission.

e-Mandate based payments support the payments of regular or recurring/periodic nature.

Customers can sign up for this option and feel certain that payments are sent digitally on time. The customer does not have to initiate such payments every time.

“This is a great example of collaboration between Metlife, NCHL, and SCBNL,” said Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Ltd. (SCBNL). We are convinced that this product and capabilities will alter the insurance and banking industries’ premium collection processes.”