28th September 2022, Kathmandu
Thamel Remit Pvt. Ltd., a Nepal Rastra Bank-licensed remittance company, is a recent member of Nepal Clearing House Limited (NCHL) and has started using its National Payment Switch (NPS) as the domestic rail for instant remittances. This membership enables remittance senders from the USA to push transactions to Nepal in a few seconds.
Excited about the integration of National Payment Switch in Thamel Remit, Bal K Joshi, Co-founder of Thamel Remit shares,
“This integration makes Thamel Remit the first digital money transfer company enabling instant settlement in non-card based, bank-to-bank transactions from the USA to Nepal corridor. Usually, instant payment services are available via expensive debit and credit card networks.”
This is the first of its kind whereby the National Automated Clearing House Association (NACHA) of the USA has been indirectly integrated with Nepal Payment Interface (NPI) via a remittance provider (Thamel Remit) and is a significant step towards digital remittance. All these transactions are processed through the underlying systems of NCHL-IPS and Retail Payment Switch (connect-IPS). With this, it also has access to the wide Network of over 59 BFIs for direct bank account-based remittance.
NPI, as part of the National Payment Switch (NPS), is a consolidated interface for interconnection and operated by NCHL with access to real-time (RPS/ connect-IPS) and non-real-time batch (NCHL-IPS) payment systems. It has over 59 BFIs and 73 non-bank institutions. There are currently 13 remittance companies that are using NCHL’s payment systems as a domestic rail for local disbursements through their respective settlement banks.
Launched in 2013 with a sole focus on money transfers from the USA to Nepal, Thamel Remit is one of the pioneer remittance companies in Nepal. It is the cheapest and the most efficient remittance platform between the US and Nepal. Currently, Thamel Remit is the most preferred remittance channel for Nepalis living in the USA and has already served over 50 thousand Nepalis to remit money to Nepal.
For more information, please visit nchl.com.np