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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.
Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.
According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.
Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.
Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.
According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.
The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.
The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.
However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
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'title' => 'NRB in Favour of Interlink Between Digital Wallet Companies',
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'summary' => 'February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.',
'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">February 6: The general public will now be able to use mobile banking, wallet or QR code services of one company to make electronic payments for other companies.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has issued a directive to payment service providers and payment system operators to interconnect with each other and provide hassle-free access to each other’s systems.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the new directive, institutions affiliated with mobile banking, wallet and QR codes as well as small payment systems (retail payment) should be interconnected with each other within 6 months. The directive states that the companies can maintain interconnection through mutual agreement. The directive has instructed such companies to clearly mention the fees incurred while maintaining interconnection, division of charges and the action to be taken in case of breach of agreement as well as the provision of compensation.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Altogether ten payment system operators and 27 payment service providers are operating the service currently with the permission of NRB. Due to the lack of interconnection between service providers, the general public has not been able to exchange money with one another.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Clearing House Limited (NCHL) had launched the National Payment Switch from November to facilitate the electronic payment system. The interconnection between wallet companies has become possible due to the operation of the Payment Switch.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the NRB, there are currently 14.1 million mobile banking users, 1.16 million internet banking users and 8.88 million people who use digital wallet.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Nepal Rastra Bank has informed that the interconnection will enable the customers of one payment service provider to be associated with another payment system and exchange information with other systems through the same system. As per the information of NRB, the interconnection will also facilitate financial transactions.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The directive states that payment system operators and payment service providers must comply with the technical and business standards established by international good practice and in case of non-compliance, they will still be able to operate the service with the prior approval of NRB. Similarly, any licensed entity is not allowed to make rules or restrict the use of technology to prevent any other licensed entity from accessing its payment system.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, if the access to interconnection may result in liquidity risk, operational risk and other systemic risks or if there is sufficient basis to negatively affect the security of the system, the licensed institution can block access to its system for a specified period. But, in case of suspension of such access, the service provider must clearly inform the concerned institution and NRB the reasons behind it.</span></span></span></span></p>
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[main] - APP/webroot/index.php, line 117
