Seven Banks of Nepal will utilize ElectraCard Services to Facilitate Electronic Payment Transactions

ElectraCard Services (ECS) is a software and processing solutions provider for electronic payment systems. The company is all set to facilitate electronic payment transactions to seven banks of Nepal.

  • ECS 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 seven banks of Nepal with the directive to set up a shared e-payments switch and card infrastructure.
  • NEPS has undertaken the shared initiative with the aim of achieving security, cost effectiveness as well as robustness in electronic retail payment systems.
  • At the moment, this is a joint association between seven banks in Nepal with more banks expected to join according to ECS.
  • The electra iTx suite will provide the banks with a unified customer view and seamless integration across channels.
  • 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, said CEO of ElectraCard Services, Ramesh Mengawade. 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,' he added.

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, said Anish Tamrakar, CEO of NEPS. ElectraCard Services brings with them the guarantee of over 200 successful implementations globally and expertise in Nepalese electronic payments.

ECS was selected due of its products' modern architecture and positive references from its existing customers, says the company. Imark Pvt. Ltd, one of the largest IT systems integrators in Nepal is a partner with ECS.