KATHMANDU: IPay Remit has directly integrated with Nepal Clearing House Ltd’s NCHL-IPS and connectIPS e-Payment systems for depositing foreign remittance transactions directly into the bank accounts of the beneficiaries in Nepal.

With this arrangement, IPay Remit will be able to process the remittance transactions on real time basis through connectIPS e-Payment low-value payment and on deferred basis through NCHL-IPS system for mid- to high-value payments, as per a media release.

This is expected to considerably improve service delivery of the remittance company. NCHL has been facilitating the bank account based transactions through its various payment systems and remittance is one such transaction.

It has already enrolled six remittance firms and a total of 30 non-bank institutions as its indirect or technical members.