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ElectraCard Services (ECS), software and processing solutions provider for electronic payment systems, will facilitate electronic payment transactions to seven Nepali banks.
The Pune-based company will provide electra iTx platform to Nepal Electronic Payment Systems (NEPS) to set up a shared switch infrastructure. NEPS is a company that is promoted by a group of seven Nepali banks with the mandate to set up a shared e-payments switch and card infrastructure.
NEPS has undertaken the shared switch initiative with the aim of achieving robustness, security and cost effectiveness in electronic retail payment systems. Currently this is a joint consortium between seven banks in Nepal with more banks expected to join, ECS said in a statement.
Anish Tamrakar, CEO of NEPS, said, “There is an imminent need for the banks to upgrade their platforms to meet regulatory requirements as well as ensure safety of their customers, hence the banks of Nepal have come together to set up a common platform to address the needs in a cost effective manner. ElectraCard Services brings with them the guarantee of over 200 successful implementations globally and expertise in Nepalese electronic payments”.
The electra iTx suite will provide the bank with a unified customer view and seamless integration across channels. ECS has a strong partner in Imark Pvt. Ltd, one of the largest IT systems integrators in Nepal, the company statement added.
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