Kathmandu, Jan 20. In continuation to supporting Nepal Rastra Bank (NRB)’s initiative of extending Real Time Gross Settlement (RTGS) system, Nepal Clearing House Ltd. (NCHL)will now be facilitating the development banks for integrating them with RTGS system operated by NRB. In this regards, NCHL has separately signed agreements with Muktinath Bikash Bank, Jyoti Bikash Bank, Garima Bikash Bank, Kamana Sewa Bikas Bank and Lumbini Bikas Bank as Integration Partner, corresponding to which NCHL will provide them with its connectRTGS system for integrating its core banking system withRTGS.
The integration is considered to be one of the key components for the successfulrollout of RTGS system and to maintain the service delivery. And with today’s partnership with the development banks and once it is rolled out, it is expected to further increase the effectiveness of NRB’s RTGS system. connectRTGS is already implemented and live at 23 commercial banks and is now being extended to the development banks and finance companies.
NCHL has been facilitating the overall banking industry for establishing and providing various national payment infrastructures to its member BFIs, non-bank institutions, Govt/Semi-Govt. entities, PSP/PSO and other service providers. And connectRTGS has been one of such initiatives of NCHL to support and facilitate the industry at almost zero cost. The system has been provided as an extension of the existing infrastructures of NCHL but built to support and comply with the international standards required for integrating the RTGS system.
RTGS system is meant for processing of high value transactions between the participating banks financial institutions and for settlement of net clearing positions of national payment systems. RTGS in Nepal has been implemented by Nepal Rastra Bank.
