ProgressSoft Provides Nationwide Electronic Check Clearing in Nepal
ProgressSoft Corporation, the leading provider of imaging and payment solutions, has been awarded the nationwide project for implementing Electronic Check Clearing in Nepal.
- (1888PressRelease) December 26, 2010 - The signing of the project took place at the Central Bank (Nepal Rastra Bank) in the Nepali capital Kathmandu on the 22nd of Dec by Mr. Rabindra Malla, the Managing Director of Nepal Clearing House (NCHL) and Mr. Michael Wakileh, CEO of ProgressSoft, in presence of H.E. Dr. Yuba Raj Khatiwada, the Governor of the Central Bank, and Nepal Bankers Association's Board of Directors.
Upon this award, ProgressSoft prepares to embark on the 6th countrywide project for implementing its Electronic Image-based Check Clearing Solution, PS-ECC. Under the supervision of Nepal Rastra Bank, the system will be deployed at Nepal Clearing House (NCHL) and rolled out to 200 banks and financial institutions scattered across the country's area of 147,181 sq km.
NCHL, which was primarily established to facilitate electronic payment systems in the country, favored ProgressSoft as its partner for its first initiative of adopting an electronic system to serve Nepal's financial institutions.
This project is of profound value to ProgressSoft as it has once again proved itself to be a globally acclaimed provider of innovative solutions. This time, the company has managed to unravel its expertise to the other end of the world, reaching as far as southern Asia (between China and India) and as high as the Himalayan Mountains. "We are delighted to sign this contract for another avant-garde Electronic Check Clearing in the South Asian region. This contract endorses our excellence and primacy within real-time payment solution providers around the globe", expressed Mr. Michael Wakileh, CEO - ProgressSoft Corporation.
PS-ECC is set to revolutionize check clearing routines in the country. The solution will replace the physical transportation and manual clearing sessions in Nepal's seven Clearing Centers with an electronic exchange of check images between all financial institutions through NCHL. While operating with a clearing schedule of same-day value date for deposited checks, PS-ECC will eliminate the traditional clearing process which required several days.
This project is believed to have great implications on the banking sector and economy as the number of checks in the country is expected to grow by a rate of 300% in the next coming 5 years. The considerably shortened clearing cycle availed by PS-ECC will result in increasing cash flows and improving economic performance, as well as accelerating availability of bad check information and fraudulent item detection. Operational expenses incurred by the manual system will be significantly reduced, particularly those related to handling and transferring paper checks between banks located across Nepal's widely dispersed and geographically challenging areas.
PS-ECC was first implemented in the State of Qatar in 2001, actualizing a breakthrough in the payments field and introducing an unprecedented check clearing technology on a global level. Henceforth, the solution was adopted by more than 173 banks residing in several countries, including Jordan, Oman, Bahrain and Sudan.
Following NCHL's visit to view the live operations of PS-ECC in Qatar, as part of their evaluation process, ProgressSoft was chosen against international competition and won the tender. "We are determined to add this project to our long list of success stories for real-time payments and to transform banking and payments in Nepal to new paradigms," affirmed Wakileh. "I must thank all of ProgressSoft team, as they are the true reason for winning this project", he concluded.
About Nepal Rastra Bank (NRB)
Nepal Rastra Bank (NRB), the Central Bank of Nepal, was established in 1956 under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. Since inception, there has been a significant growth in both the number and the activities of the domestic financial institutions.
About Nepal Clearing House Limited (NCHL)
Nepal Clearing House Limited (NCHL) is an automated clearing house established under the aegis of Nepal Bankers' Association (NBA) with equity participation of major banks, Nepal Rastra Bank and a private card switch operator. NCHL is initially facilitating a nation-wide electronic processing of cheques and later will establish a national payments gateway to facilitate an electronic payment system for all financial transactions within the country.
About ProgressSoft
Established in 1989, ProgressSoft has been focusing its proficiency in Real-time Payments and Imaging technologies to deliver a set of innovative solutions tailored for the needs of the banking and financial sectors. Serving a diversified client base of 240+ banks in 22 countries around the globe, ProgressSoft provides solutions in the fields of Electronic Image-based Check Clearing, Automated Clearing House, Mobile Payments, Intelligent Signature Recognition and Real-time Settlement for Securities Trading.
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