November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).

An agreement was signed between NCHL and its affiliated financial institutions amid a formal program on Thursday, November 19. Representatives of NCHL and affiliated banks exchanged agreement papers at the program.

Twenty nine banks and financial institutions including eighteen commercial banks, five development banks and six finance companies are affiliated to the National Payment Switch. Similarly, other banks / financial institutions, payment system operators and payment service providers will also be affiliated to the National Payment Switch soon.

It is said that all the necessary preparations have been completed for the first phase to provide additional digital payment tools and services by maintaining interconnection between non-card payment systems.

In the first phase, interconnection between wallet to wallet and payment tools like PSO settlement will be available.

Similarly, in the second phase, card related payments will be available for which work related to  National Card Switch and Nepal Payment Card has been started.

With the implementation of the National Payment Switch, NCHL will coordinate with the government, regulatory authorities and various stakeholders to make the payment systems more convenient, accessible and secure.