back Back

NCHL unveils XUNO’s cross-border ‘Request to Pay’ feature on connectIPS

By Gloria Mathias

April 05, 2024

  • APAC news
  • Card Payments central Infrastructure
  • Cross Border Payments
Share

Nepal Clearing House, ACI worldwide, Fintech News, Fintech Solutions, National Payments scheme, Card Payments central Infrastructure, Nepal Fintech , Nepal News, APAC news, XUNO, Cross border payments, FinTech News, Fintech Solutions, Cross border payments, Nepal Clearing House Limited (NCHL), the payment system operator established under the leadership of Nepal’s Central Bank and financial institutions, has announced the launch of XUNO cross-border Request to Pay (r2px).

Offered as a feature integrated within NCHL’s multi-banking single payments platform connectIPS, r2px is a messaging overlay solution that allows individuals, businesses, and financial institutions to seamlessly request and receive payments between Nepal and the US by connecting the sending and receiving banks in real-time.

Through this integration, NCHL becomes the first clearing house to integrate a cross-border “request to pay” module directly into the national payment infrastructure, thereby connecting all its national member banks to XUNO’s neo-banking network in the US.

This reverse remittance feature enables beneficiaries in Nepal to send a payment request to a US-based payer and receive real-time remittance in their designated bank account in Nepal via the connectIPS platform.

“Today, despite access to technology and connectivity, sending and receiving banks across borders have not been able to communicate in real-time, resulting in a multitude of frictions,” said Neelesh Man Singh Pradhan, CEO of NCHL. “These frictions hold us back from participating in the global economy. By partnering with XUNO, we are now able to place the power directly in the hands of the beneficiaries, to participate in cross-border payment opportunities proactively and equitably.”

Using r2px, beneficiaries can request payments by providing details such as the requested amount, purpose of payment, and receiving bank information.

“As a company committed to revolutionizing payments and banking through best-in-class technology, we are excited to see NCHL embrace an innovative solution. Through this integration, we are helping Nepal leapfrog from archaic cross-payment mechanisms to a borderless economy,” said Bal Krishna Joshi, Founder of XUNO. “We congratulate the NCHL team for their visionary leadership and for spearheading the much-needed change in the cross-border payment landscape.”

Previous Article

April 05, 2024

Paypal’s Xoom adds PYUSD as funding option for cross-border money transfers

Read More
Next Article

April 05, 2024

Worldline and Tabesto launch all-in-one ordering and payment kiosk

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

APAC news

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

heymax & Visa team to simplify Credit Card rewards experience

Read More

May 24, 2024

LGT taps Finastra to roll out instant payments services in Europe

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023