ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems, today announced that Nepal Electronic Payment Systems (NEPS) has selected ECS's electra iTx platform to setup a shared switch infrastructure to enable electronic payment transactions.
NEPS is a company that is promoted by a group of seven Nepali Banks with the mandate to setup 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. The shared switch is a milestone in the Nepal banking industry which was in the making for the last few years and now, a reality under the direction and leadership of NEPS. Currently this is a joint consortium between seven banks in Nepal with more banks expected to join.
With the NEPS shared infrastructure solution, the banks will be able to meet the growing regulatory requirements as well as provide their customers with secure transactions. Banks can offer customers additional products and services and meet all PCI-DSS and EMV compliance requirements.
"We are very excited to partner with NEPS and be a part of this revolutionary project in Nepal. With the large growth in banking needs and the need for stronger security, it is essential for banks to move to a newer platform and offer new services faster," said Mr. Ramesh Mengawade, CEO, ElectraCard Services.
Mr. Anish Tamrakar, CEO, 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."
After a careful process of selection and evaluation of various global players, ECS was selected because of its products' modern architecture and excellent references from its existing customers. The electra iTx suite with its proven scalability and support for 24x7 multi-channel payments will provide the bank with a unified customer view and seamless integration across channels. ECS has a strong partner in Imark Pvt. Ltd., which is one of the largest IT systems integrator in Nepal.