Neelesh Man Singh Pradhan, CEO of Nepal Clearing House Limited (NCHL), and Bal Krishna Joshi, Founder of XUNO, collaborate to revolutionize cross-border payments, bridging Nepal and the US with innovative technology.
In a landmark move set to reshape the landscape of cross-border payments, Nepal Clearing House Limited (NCHL) has unveiled the XUNO cross-border Request to Pay (r2px) feature, marking the dawn of a new era for global financial transactions. Developed in collaboration with XUNO, a pioneering force in payment technology, this innovative solution promises to bridge the gap between sending and receiving banks in Nepal and the United States, fostering a borderless economy like never before.
CEO of NCHL, Neelesh Man Singh Pradhan, hailed the launch as a pivotal moment in the evolution of international payments. “Today, despite advancements in technology, the lack of real-time communication between banks across borders has hindered our ability to fully participate in the global economy. With XUNO’s r2px feature, we are empowering beneficiaries to take control of their cross-border payment needs, ushering in a new era of seamless transactions.”
At the heart of this groundbreaking solution lies the ability for beneficiaries in Nepal to directly request payments from counterparts in the US, with funds seamlessly transferred in real-time through NCHL’s connectIPS platform. This innovative approach not only streamlines the payment process but also ensures compliance with regulatory requirements, enhances security measures, and significantly reduces transaction costs.
Bal Krishna Joshi, Founder of XUNO, expressed his enthusiasm for the collaboration, emphasizing the transformative potential of the r2px feature. “As advocates for technological innovation in banking and payments, we are thrilled to partner with NCHL to introduce this revolutionary solution. By leveraging cutting-edge technology, we are not only simplifying cross-border transactions but also laying the groundwork for a truly borderless economy.”
The launch of XUNO’s r2px feature addresses key challenges in cross-border payments, including compliance, cost, customer experience, and security. Through a robust messaging protocol, stringent compliance checks, and enhanced security measures, XUNO ensures that every transaction is conducted with the highest level of integrity and efficiency.
As a major shareholder in XUNO and a staunch supporter of technological advancement, Bens Market CEO Ben Joshi hailed the launch as a significant step towards realizing their vision of a more connected world. “At Bens Market, we believe in the power of innovation to drive positive change. The launch of XUNO’s r2px feature not only aligns with our values but also reinforces our commitment to leveraging technology to enhance the lives of people around the globe.”
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With construction underway for exciting new ventures like Carls Jr and Tesla Chargers at Bens Market, the launch of XUNO’s r2px feature serves as a timely reminder of the endless possibilities that technology affords us. As we embark on this journey towards a more interconnected future, let us seize the opportunity to embrace innovation and build a world where borders are no longer barriers, but gateways to new opportunities.
For more information on XUNO’s r2px feature and to experience the future of cross-border payments, visit here. (NewsWire, Press release, April 3, 2024) Source: XUNO