Kathmandu : SuryaJyoti 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. Prakash Bikram Khatri, CEO of SuryaJyoti Life Insurance and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
With this, SuryaJyoti Life Insurance will automate its payments by directly integrating its systems with National Payments Interface (NPI) of NCHL, enabling SuryaJyoti 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 SuryaJyoti Life Insurance and its beneficiary/ customers at any of the BFIs. Following the live roll-out, SuryaJyoti Life Insurance will also initiate other types of payments 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.
SuryaJyoti Life Insurance has 200+ full-fledged branches rendering complete plethora of services to its policyholders and agents. Operational for 15 years, it is one of the leading insurance company in Nepal.
