16 July 2024, Kathmandu
Fonepay Payment Service Ltd. and the Employee Provident Fund (EPF), a government entity also known as Karmachari Sanchaya Kosh, have announced a landmark partnership to facilitate API-based host-to-host (H2H) payments.
Fonepay Partners Employee Provident Fund
This integration connects the ERP system operated by the EPF to Fonepay’s payment rails for B2B, B2G, and B2C corporate payments. Additionally, this arrangement will enable EPF to collect receivables from loanees through Fonepay’s interoperable biller platform.
This strategic collaboration allows EPF members to easily pay their provident fund loans through various digital platforms, including mobile banking apps, internet banking, and Omni Channel websites. The H2H payment integration represents a cutting-edge digital payment infrastructure that facilitates corporate payments, enhancing efficiency and streamlining financial processes.
Darshan Bhattarai, Acting Chief Manager of Employee Provident Fund, remarked: “The collaboration with Fonepay is a strategic move to modernize our financial services. Enabling digital payments for EPF loans will streamline the process for our members, making it faster and more accessible. This partnership reflects our commitment to adopting innovative solutions that benefit our contributors.”
About Fonepay
Fonepay is a Payment System Operator of Nepal Licensed and regulated by the Central Bank of Nepal (Nepal Rastra Bank),. A subsidiary of the F1Soft Group, Fonepay is an ISO/IEC 27001:2022 certified company. Fonepay has been making active efforts to contribute towards a cashless economy by enabling fast, secure, and reliable digital cashless payment services to bank and wallet customers. The company is focused on bringing innovations to the mobile payment network through the use of technology to achieve greater efficiency in operations and widen the reach of payment systems.
About Employees’ Provident Fund
In recent times, EPF has reserved unfaltering dedication to providing exceptional social security services. Embracing the power of digitalization, we have transformed our service delivery to ensure efficiency, accessibility, and member satisfaction. Our innovative online platforms allow contributing members to easily access a wide range of services, from benefit applications to real-time payments. By leveraging modern technology, we are reducing wait times and streamlining processes, making it simpler than ever for individuals to receive the assistance they need. At EPF, we are committed to excellence, continually enhancing our digital solutions to better serve our member family and community.
For more: Fonepay Partners Employee Provident Fund