September 14: Nepal Clearing House (NCHL) has added three new products related to direct debit transactions in the Interbank Payment System (NCHL-IPS), which included insurance payment, installment payment and credit card payments.

Issuing a press statement, the company informed that customer can now directly make the payments for such services to the bank account of the service provider or such provider can directly collect the payment from the customer’s account based on the consent (mandate) provided by the customer. It will now be easy and convenient for the customer to initiate repetitive and recurring payments.

Earlier, NCHL has been providing payment product through NCHL-IPS system related to customer transfer, treasury, government payment, dividend, IPO refund, remittance and salary payments. It currently has 62 BFIs as direct members and 3 Remittance Companies as indirect members. The customers can avail NCHL-IPS services through the member BFIs.