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Standard Chartered Partners with NCHL for Connect-IPS & NPI

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23rd May 2021, Kathmandu

Standard Chartered Bank Nepal (SCBNL) partnered with Nepal Clearing House (NCHL) to use connect-IPS e-Payment System and National Payments Interface (NP), corresponding to which the project will be implemented in phases with the initial rollout of incoming payments to SCBNL.

The membership agreement in this regard was executed in a virtual ceremony organized in the presence of senior representatives of SCBNL and NCHL. This partnership between SCBNL and NCHL is believed to facilitate the end customers and help extend the digital payments ecosystem in Nepal.

With the initial rollout, the customers of any of the member banks and financial institutions of connect-IPS (either from its app or web application or NPI or BFI’s mobile app/ internet banking) can transfer funds directly to any of the accounts held at SCBNL.

This will enable SCBNL customers to receive funds and allow SCBNL to acquire its merchants/ creditors on connect-IPS.

In the second phase, NPI services will be extended to SCBNL’s channels, including its S2B and mobile banking, whereby its customers will be able to do outgoing transfers to other BFIs. In the later phase, SCBNL will allow its customers to link their bank account to connect-IPS, such that outgoing payments could be done directly from connect-IPS.

connect-IPS and NPI as a platform are operated by NCHL as a real-time retail payment system in Nepal, which is currently being used by over 53 BFIs for fund transfer and service payments initiated from its own channels (including the mobile app, connectips.com, and payment gateway) or alternate channels including mobile/ internet banking of the BFIs.

Standard Chartered Bank Nepal Limited is the only international bank currently in operation in Nepal since 1987. It provides domestic and international banking & financial services to customers through its network of 15 branches, 26 ATMs across the country, and more than 531 local staff. It has also provided world-class alternate digital channels of mobile banking, internet banking, and S2B corporate channels to the customers.

For more information, please visit www.nchl.com.np or www.connectips.com.

Standard Chartered Partners With Microsoft

Standard Chartered Partners With Microsoft to Become a Cloud-first Bank

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20th August 2020, Kathmandu

Standard Chartered Bank announces a three-year partnership with Microsoft Corp and adapts a cloud-first strategy!

Standard Chartered considers this as a milestone as its vision for virtual banking, open banking, and banking as-a-service comes to reality. This partnership will help both the companies to co-innovate open banking and real-time payments which unlocks new banking experience for customers!

Impact of Cloud-first Strategy!

This is a big step for the bank and a serious commitment as well. Standard Chartered visions to become cloud-based by 2025 as a part of its digital transformation.

This means the bank will shift its significant applications into the cloud. This includes its core banking and trading systems and its new ventures such as virtual banking and banking as-a-service.

The bank is convinced that cloud adaptation is not just an option but a necessity of this time. Due to the worldwide impact of COVID-19, the demand for seamless banking anytime and anywhere is growing! With the cloud-first approach, consumers will have 24/7 access to banking services! The bigger advantage is that there will be zero downtime for maintenance. Also, the bank will be able to quickly develop, test, and roll out new products or features without any disruption to customer experience!

Innovating the future of banking!

Standard Chartered believes that a cloud-first approach will increase the efficiency in performance, provide a much secure and effective banking service, and reduce cost significantly.

Standard Chartered is really looking forward to the digital transformation in a drastic way. Is this the bank’s response to the COVID-19 pandemic?

It is clear that the bank is focused on bringing virtual banking into reality and shaping the future of banking experience!

We wish very best for Standard Chartered Bank and Microsoft on their journey towards shaping new banking experience.

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