1st October 2020, Kathmandu
Social Security Fund (SSF) has started disbursement of its various claim related payments directly into the bank accounts of the beneficiaries through National Payments Interface (NPI) from its RastriyaBanijya Bank Ltd. This includes payout transactions of SSF for claims from the contributors related to pension, dependent family, accident, medical, health, and maternity security plans, which will be processed directly through the underlying systems of NPI includingconnectIPS e-Payment for real-time payments and NCHL-IPS for deferred payments.
The beneficiaries will have to provide the details of their bank accounts during the process of claim request, corresponding to which SSF will credit transfer from its system itself. This has now been completed automated, which was earlier been processed through cheques.
Since last year, SSF has been using NCHL’s payment systems through Nepal Bank Ltd. for its contribution collections from the employers, who are registered in the Fund’s SOSYS system. Such payments are being initiated from connectIPSorany branches of the member banks. It has processed over 10,500 transactions equivalent toNRs. 1.7 Billion, since it has started the collection.
SSF has been driving the digital payments process right from the beginning of its operations and with this automation for claim settlements directly into the bank accounts of the beneficiaries, SSF has further moved ahead in its digital journey.