10th April 2024, Kathmandu
NCHL Launches XUNO’s Cross-border Request to Pay Feature on connectIPS
Pioneering Beneficiary-First Solution Directly Connects Sending and Receiving Banks in the US and Nepal for the First Time; Paves Way for Borderless Economy
Nepal Clearing House Limited (NCHL), the leading payment system operator established under the leadership of Nepal’s Central Bank and banks & financial institutions, today announced the launch of XUNO cross-border Request to Pay (R2PX).
Offered as a feature integrated within connectIPS, a multi-banking single payments platform established and operated by NCHL, R2PX is the first-of-its-kind messaging overlay solution that allows individuals, businesses, and financial institutions to seamlessly request and receive payments between Nepal and the US.
Through this integration, NCHL becomes the first clearing house ever to integrate a cross-border “request to pay” module directly into the national payment infrastructure, thereby connecting all of its national member banks to XUNO’s neo-banking network in the USA. This is a first-of-its-kind reverse remittance feature that enables beneficiaries in Nepal to send a request to a payer in the USA and receive real-time remittances in the designated bank account in Nepal via the connectIPS platform. This is believed to be a breakthrough in the real-time cross-border remit sector.
“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 proactively and equitably participate in cross-border payment opportunities.”
XUNO’s R2PX is a messaging overlay solution that establishes direct real-time connections between sending and receiving banks. Using the R2PX feature, beneficiaries can easily request payments from their senders by providing details such as the requested amount, purpose of payment, and receiving bank information.
NCHL XUNO’s Cross-Border Request
In doing so, “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 an archaic cross-payment mechanism to a borderless economy,” said Bal Krishna Joshi, Founder of XUNO. “As we increasingly embrace digitalization, we need to be equipped for the financial and economic advancement possibilities it brings along. We congratulate the NCHL team for their visionary leadership and for spearheading the much-needed change in the cross-border payment landscape.”
R2Px addresses issues related to:
Compliance and visibility:
The elaborate messaging protocol ensures jurisdictional compliance, ensuring detailed Know Your Customer (KYC), Anti-Money Laundering (AML), sanction checks of the beneficiary, and the visibility of the receiving accounts.
Cost:
By unlocking direct communication between financial institutions, R2PX enables money to move directly, removing intermediaries and aggregators, and thus reducing transaction costs.
Customer experience:
With R2PX’s beneficiary-first approach, creating payment requests has been simplified. Beneficiaries can simply use connectIPS accounts to generate a digital payment request and receive funds directly into their bank account. Senders and beneficiaries can also keep track of their requests and payment status in real-time.
Security:
R2PX ensures secure message delivery by leveraging a unique primary identifier (PID) or virtual payment address (VPA) and robust encryption algorithms, thereby guaranteeing message authentication and confidentiality.
About NCHL
Established in December 2008, Nepal Clearing House Ltd. (NCHL) is a public limited company founded under the direct leadership and guidance of Nepal Rastra Bank, the Central Bank of Nepal, and banks & financial institutions. With equity participation from Nepal Rastra Bank, commercial banks, development banks, and finance companies, NCHL is committed to providing innovative, technology-enabled financial and payment solutions to banks and financial institutions (BFIs). NCHL’s keen focus lies in enhancing means of digital payments, hence, digitizing payments in Nepal and connecting globally.
To learn more about NCHL, visit https://nchl.com.np/
About XUNO
Founded under the leadership of Bal Krishna Joshi, a celebrated pioneer of cross-border transactions, XUNO is the first and only inclusive multi-sided fintech platform committed to shepherding the world towards an equitable borderless economy.
By leveraging exclusive license agreements, best-in-class technology, beneficiary-friendly business mechanisms, and industry standardization approaches, Xuno can deliver a cost-effective, transparent, fast, and frictionless alternative to existing cross-border payment and banking solutions.
Today, XUNO is the only fintech platform that equips individuals, businesses, merchants, and financial institutions alike with access to a host of global banking and payment networks and unmatched exchange rates, speed, and security. In doing so, XUNO stays true to its mission of breaking down existing barriers between emerging and developed markets.
To learn more about XUNO, visit www.xuno.co
