Surya Jyoti Life Insurance joins NCHL

KATHMANDU, APRIL 22: SuryaJyoti Life Insurance has entered into an agreement with Nepal Clearing House Ltd. (NCHL) to automate its various payment processes, including disbursements and collections, through NCHL’s digital payment systems. Mr. Prakash Bikram Khatri, CEO of SuryaJyoti Life Insurance, and Mr. Neelesh Man Singh Pradhan, CEO of NCHL, yesterday signed the agreement.

With this collaboration, SuryaJyoti Life Insurance will directly integrate its systems with NCHL's National Payments Interface (NPI). This will enable the company to access a range of digital instruments for end-to-end automation of transactions such as premium and loan collections, claim disbursements, agent commissions, salary and vendor payments, tax settlements, and contributions to SSF and CIT. These transactions will be executed directly between the bank accounts of SuryaJyoti Life and its beneficiaries or customers through the NCHL-IPS or RPS systems, across any of the participating banks and financial institutions (BFIs).

Following the live rollout, the company also plans to introduce additional payment types in the near future.

NPI is a consolidated API platform that connects multiple underlying payment systems of NCHL and other institutions. Developed with an open API framework, it now forms part of the National Payment Switch (NPS), providing integrated access to RPS and NCHL-IPS. The system is connected to over 53 BFIs and more than 110 non-bank entities, including payment service providers (PSPs), payment system operators (PSOs), microfinance institutions, insurance companies, remittance service providers, merchant banks, government and semi-government bodies, and large corporate houses.

SuryaJyoti Life Insurance operates through more than 200 full-fledged branches across Nepal, offering a comprehensive range of services to its policyholders and agents. With 15 years of experience in the industry, it is recognized as one of the leading life insurance companies in the country.