Kathmandu, Nov 18. Kamana Sewa Bikas bank has officially signed an agreement with Nepal Clearing House for National Payment Switch (NPS Phase 1) Rollout on 18th November 2021 along with other commercial banks, development banks and finance companies. The agreement was signed in presence of Governor of Nepal Rastra Bank Mr. Maha Prasad Adhikari, Deputy Governors and Executive Directors of Nepal Rastra Bankalong with other officials amidst a function held at Hotel Yak and Yeti specifically for signing the agreement.
This will integrate multiple banks, digital payment vendors such as interbank payment system (IPS), ConnectIPS, quick response (QR) code and other digital ecosystem into one system enabling them to transfer funds.
The first phase involves working on routing non-card transactions. All non-card transactions in the country that are done through mobile banking, e-banking, e-wallet or QR code will be routed through the national payment switch in the first phase.