NCHL rolls out connect RTGS

Kathmandu– Supporting the initiative of Nepal Rastra Bank (NRB)in the implementation of the Real Time Gross Settlement (RTGS) system, NCHL has successfully completed the rollout ofconnectRTGSat 24 commercial banks for integratingtheircore banking systemswith the RTGS system implemented by NRB. connectRTGS is a gateway to enable the banks to initiate and process RTGS transactions. The majority of the banks had assigned NCHL as its integration partner in the RTGS implementation project, corresponding to which NCHL has been able to provide the key components includinginward, outward and reporting modules along with facilitation for technical and operational supports to the banks.

RTGS system is meant for processing of high value and urgent transactions between the participating banks and financial institutions and for settlement of systemically important payment systems on net settlement basis.RTGS system normally remains as the backbone of the various national payment systems in a country for providing immediate realization of funds and minimizing the settlement risk of other payment systems. RTGS system implementation by NRB is a milestone achieved for the payments landscape in Nepal. And one of the key success factor of the RTGS going forward is the ability of the participating BFIs to integrate with the system for initiating and processing of the RTGS transactions, which the connectRTGS provided by NCHL will enable the BFIs.

NCHL has been facilitating the overall banking industry for establishing and providing various national payment infrastructures to its member BFIs, non-banking members such as Govt/Semi-Govt. entities, PSP/PSO and other service providers. And connectRTGS has been one of such initiatives of NCHL to support and facilitate the industry at almost zero cost. The system has been provided as an extension of the existing infrastructures of NCHL but built to support and comply with the international standards required for integrating the RTGS system.The system has been provided to the commercial banks in the first phase and will later be provided to the development banks and finance companies, once they get access to RTGS from NRB.

NCHL has been operating the major national payment systems including Electronic Cheque Clearing System (NCHL-ECC), Interbank Payment System (NCHL-IPS), connectIPS e-Payment system and National Payments Interface (NPI) as a consolidated APIs with participation of over 75 BFIs and over 20 non-bank institutions including PSPs/PSOs.

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