Kathmandu: Sun Nepal Life Insurance has signed an agreement with Nepal Clearing House (NCHL) for automating its various payment processes, including disbursements and collections through National Payment Interface (NPI) of NCHL.
The agreement was signed by Raj Kumar Aryal, CEO of Sun Life and Neelesh Man Singh Pradhan, CEO of NCHL.
With this integration, Sun Nepal Life will be able to fully automate its payment process including reconciliations. Sun Nepal Life will directly integrate its system(s) with National Payments Interface (NPI), an integral part of National Payment Switch (NPS), enabling the insurance company to process its disbursements such as payment against matured policies, claim proceeds, agent commission, salary payments, vendor payments, investment placements directly to the bank account of the beneficiaries.
The beneficiary will not require to visit the company for collecting cheques. The insurance company can use the system to automate their fund management including sweeping transactions from multiple accounts held at different banks. Once the system comes into operation, the policyholders of Sun Nepal Life will also be able to pay their premium online through connectIPS or any of the bank branches or alternate channels of NCHL members (BFIs and PSPs). The insurance company can use the system to automate its fund management including sweeping transactions from multiple accounts held at different banks.