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Nepal Clearing House Taps ACI Worldwide to Pioneer Card Payment Central Infrastructure
MIAMI--(BUSINESS WIRE)-- ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, today announced that Nepal Clearing
About this update from Aci Worldwide, Inc.
[{"type":"text","content":" MIAMI--(BUSINESS WIRE)--\nACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, today announced that Nepal Clearing House (NCHL), a public limited company under the leadership and guidance of Nepal Rastra Bank (NRB, The Central Bank of Nepal), has chosen the award-winning ACI Enterprise Payments Platform for the establishment and operation of National Payment Switch (NPS) that includes interoperability of card-based transactions (NPS National Card Switch or NPS-NCS) and the rollout of a domestic card scheme for Nepal (NEPALPAY).\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240205347886/en/\nCurrently, domestic card transactions are routed through international payment gateways. Once this card payment central infrastructure is established as a part of NPS-NCS, banks and financial institutions in Nepal will be able to provide domestic NEPALPAY cards to their customers which will help increase acceptance, implement data localization and reduce transaction charges.\n\n\n\"The establishment of National Payment Switch (NPS) infrastructure and rollout of NEPALPAY card is expected to become a significant stride in Nepal to reform and consolidate the entire payment ecosystem. Our partnership with ACI aligns with our mission to facilitate the development of secure and trusted new payment methods and technologies in Nepal,\" said Neelesh Man Singh Pradhan, Chief Executive Officer of NCHL. \"ACI has a stellar track record in providing scalable and innovative solutions to build transformative payment capabilities, and we are excited to bring seamless and convenient card payment services in Nepal.\"\n\n\nNPS-NCS and NEPALPAY are part of the National Payment Switch (NPS) initiative, the core infrastructure for routing and settlement of retail transactions to ensure interoperability of card and non-card-based payments within Nepal. The NPS initiative includes the Retail Payment Switch (RPS) for handling retail (non-card) transactions and retail instruments, which is already in place including interoperable domestic scheme of NEPALPAY QR. NPS-NCS and NEPALPAY is expected to be rolled out in the last quarter of 2024. NCHL may explore the feasibility of migrating RPS for interoperability of non-card-based transactions on the ACI technology...