Kathmandu. Prabhu Mahalaxmi Life Insurance has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payment processes, including disbursements and collections through NCHL payment systems. The agreement was signed by Mr. Santosh Prasai, CEO of Prabhu Mahalaxmi Insurance and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
With this, Prabhu Mahalaxmi Life Insurance will automate its payments by directly integrating its systems with National Payments Interface (NPI) of NCHL, enabling Prabhu Mahalaxmi Life Insurance to access various digital instruments. It will support fully automating its collections such as premium collections/renewal, loan repayment, and disbursements such as claim payments, agent commissions, salary payments, vendor payments, tax payments, SSF, CIT, etc. via NCHL-IPS or RPS. Such transactions will be processed directly between the bank accounts of Prabhu Mahalaxmi Life Insurance and its beneficiary/ customers at any of the BFIs. With the live roll-out, Prabhu Mahalaxmi Life Insurance has started loan disbursements to its policy holders and will initiate other types of payments as well in near future.
NPI is a consolidated API for interconnection with multiple underlying payment systems of NCHL or any other institution built in an open API platform concept, which is now a part of National Payment Switch (NPS). It provides access to RPS and NCHL-IPS and has network of over 53 BFIs and more than 110 non-bank institutions including PSPs/PSOs, micro finance, insurance companies, remittances, merchant banks, Government, Semi-Govt institutions, large corporates etc.
Prabhu Mahalaxmi Life Insurance is dedicated to crafting comprehensive and innovative life insurance solutions for valued customers. The focus is on delivering financial security and peace of mind to individuals and families through a diverse range of products and services tailored to meet their unique needs.
