ConnectIPS can now be used to send remittances from the US to any Nepali bank account. This comes in collaboration between Nepal Clearing House Limited and Xuno which has enabled the cross-border Request to Pay (r2px) letting users make real-time international fund transfers possible between the US and Nepal.
Users can choose a new feature Remit Request in the ConnectIPS digital platforms to avail of this innovative service. After this, users can request Xuno request to the US and send remittance from the US.
“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 Nepal Clearing House Limited (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.”
Cross-border payment is currently the dominant topic in Nepal’s fintech. Especially since Nepal-India international payment began with FonePay QR. Now, ConnectIPS is adding its own dynamism.
Send money from the US to Nepal on ConnectIPS
Using this feature, remittances from friends and family in the US or payment for exported goods and services can be received from customers in Nepal. However, it must be noted that the customers must be from the banks that are member institutions of ConnectIPS.
Now the process can be started here from Nepal. For this, the user has to use the VPA (virtual payment address) of the relatives and customers in the US. This means that a request for funds should be sent by mentioning the email ID or mobile number of the customer in the US through Xuno.
Although this kind of request-to-pay feature is in use in the domestic market, Balkrishna Joshi, the founder of Thamel Remit and Xuno, has claimed that this is the first in the case of international payments. “Nepal has become the first country in the world to have a banking API integrated into the national payment infrastructure (NPI) for this borderless payment,” he said. As a result, QR codes can be used even for money exchange at the international level.” Check out: Digital Transaction Limit of Mobile Banking, Internet Banking, and Wallets in Nepal
While the service has been enabled for the US-Nepal for now, the plan is to expand this to other countries in the near future.
