22nd April 2025, Kathmandu
SuryaJyoti Life Insurance Limited has partnered with Nepal Clearing House Limited (NCHL) to adopt digital payment systems. The move aims to simplify and automate financial transactions. It marks a major step in the company’s digital transformation journey.
SuryaJyoti NCHL Digital Payment
Agreement Signed for System Integration
The agreement was signed by SuryaJyoti’s CEO, Prakash Bikram Khatri, and NCHL’s CEO, Nilesh Man Singh Pradhan. The deal allows SuryaJyoti to connect its internal system to NCHL’s National Payment Interface (NPI).
This integration helps the insurer use several digital payment services offered by NCHL. These include premium collections, agent commissions, salaries, vendor payments, and government dues.
Payments to Be Made Directly to Bank Accounts
With this system, SuryaJyoti can send money directly to beneficiaries’ bank accounts. It will also cover payments to the Social Security Fund and the Citizen Investment Trust. The company plans to expand its digital payment capabilities over time.
This step will reduce the need for paper-based processing. It also lowers the risk of delays and errors in payment delivery.
Open API Platform Offers Broader Access
NCHL’s NPI is built on the Open API model. It supports real-time, secure transactions. The platform brings together banks, insurance firms, government bodies, and other financial institutions.
Currently, 53 banks and financial institutions are direct members of NPI. Over 110 non-banking institutions have joined as technical or indirect members. These include PSPs, PSOs, remittance companies, microfinance institutions, and merchant banks.
This wide network ensures that SuryaJyoti can operate efficiently within the national payment infrastructure.
Expanding Digital Reach Nationwide
SuryaJyoti Life Insurance serves customers through over 200 branches across Nepal. It has been offering life insurance services for the last 15 years. During this time, the company has grown to become one of Nepal’s leading life insurers.
The new partnership with NCHL supports SuryaJyoti’s digital goals. It helps the company reduce manual work, improve speed, and ensure transparency in transactions.
Supporting Nepal’s Digital Economy
This partnership also aligns with Nepal’s goal to build a cashless economy. More financial institutions are now shifting to digital systems. SuryaJyoti’s move reflects the changing landscape of the insurance industry.
The digital system will benefit customers, employees, agents, vendors, and government bodies. It ensures faster service and a better user experience.
Looking Forward
SuryaJyoti and NCHL see this collaboration as a long-term solution. It lays the foundation for fully digital operations. As more services go online, the insurance industry will benefit from better control, accuracy, and service delivery.
The company expects this integration to enhance its digital image and customer satisfaction. It is another milestone in modernizing Nepal’s financial and insurance sectors.
For more: SuryaJyoti NCHL Digital Payment