NCHL unveils XUNO’s cross-border ‘Request to Pay’ feature on connectIPS
By Gloria Mathias
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.”
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