NIC Asia Bank has initiated its own payment switch service. Collaborating with société maghrébine de monétique (S2M), the private commercial bank brough its own payment switch system [Electronic Fund Transfer (EFT)] for its customers.
The bank has integrated it into its payment system after running a successful trial. The bank said its switch system would bring a sound improvement to the payment system operated through cards. The practice of digital transactions has increased in the last few years and the bank says the number can only grow in the coming years which is why it launched its own payment switch.
The switch will establish interoperability on transactions made via POS and ATM terminals and make payment easier.
NIC Asia Bank starts its Own Payment Switch
Launching its own payment switch is part of NIC Asia Bank’s drive to be the Digital First Bank which entails adopting the latest innovative technologies into its digital banking services. The bank says it remains committed to providing various digital products and services based on advanced technologies while also saying newer and modern services will elevate customers’ banking experiences.
The bank adds that the payment switch will become a milestone for its digital banking services. The bank has also launched a cash deposit machine and cash recycler including many others to enhance digital banking services.
NIC Asia Bank is Nepal’s leading private commercial bank with the largest banking network. It has 359 branch offices, 473 ATM outlets, 107 extended counters, and 81 branchless banking services spread out around the country.