NCHL Launches XUNO's Cross Border Request to Pay Feature on connectIPS

KATHMANDU, Nepal, April 3, 2024 (Newswire.com) - Nepal Clearing House Limited (NCHL), the leading payment system operator established under the leadership of Nepal’s Central Bank and financial institutions, today announced the launch of XUNO cross-border Request to Pay (r2px). Offered as a feature integrated within NCHL’s multi-banking single payments platform connectIPS, r2px is a messaging overlay solution that allows individuals, businesses, and financial institutions to seamlessly request and receive payments between Nepal and the US by connecting the sending and receiving banks in real-time.

Through this integration, NCHL becomes the first clearing house to integrate a cross-border “request to pay” module directly into the national payment infrastructure, thereby connecting all of its national member banks to XUNO’s neo-banking network in the US. This first-of-its-kind reverse remittance feature enables beneficiaries in Nepal to send a payment request to a US-based payer and receive real-time remittance in their designated bank account in Nepal via the connectIPS platform.

“Today, despite access to technology and connectivity, sending and receiving banks across borders have not been able to communicate in real-time, resulting in a multitude of frictions,” said Neelesh Man Singh Pradhan, CEO of NCHL. “These frictions hold us back from participating in the global economy. By partnering with XUNO, we are now able to place the power directly in the hands of the beneficiaries, to proactively and equitably participate in cross-border payment opportunities.”

Using r2px, beneficiaries can request payments by providing details such as the requested amount, purpose of payment, and receiving bank information.

“As a company committed to revolutionizing payments and banking through best-in-class technology, we are excited to see NCHL embrace an innovative solution. Through this integration, we are helping Nepal leapfrog from archaic cross-payment mechanisms to a borderless economy,” said Bal Krishna Joshi, Founder of XUNO. “We congratulate the NCHL team for their visionary leadership and for spearheading the much-needed change in the cross-border payment landscape.”

XUNO r2px addresses issues related to: 

• Compliance and visibility: The elaborate messaging protocol ensures jurisdictional compliance, detailed Know Your Customer (KYC), Anti-Money Laundering (AML), and sanction checks of the beneficiary and the visibility of the receiving accounts.
• Cost: By unlocking direct communication between financial institutions, r2px enables money to move directly, removing intermediaries and aggregators, and thus reducing transaction costs.
• Customer experience: With r2px's beneficiary-first approach, creating payment requests has been simplified. Beneficiaries can simply use connectIPS accounts to generate a digital payment request and receive funds directly into their bank account. Senders and beneficiaries can also keep track of their requests and payment status in real time.
• Security: r2px ensures secure message delivery by leveraging a unique primary identifier (PID) or virtual payment address (VPA) and robust encryption algorithms, thereby guaranteeing message authentication and confidentiality. 

To learn more about the r2px feature and for a complete tutorial on it, visit here.

Source: XUNO