IME Ltd. and One Point Financial Services Sign Remit Switch Digitization Agreement

KATHMANDU: A Remit Switch Digitization agreement has been reached between IME Ltd. and One Point Financial Services, which provides the 'API Management System-APIMS' to banks and financial institutions, to further automate remittance services.

The MoU was signed by Mr. Khilendra Poudel, Chief Executive Officer of IME Ltd., and Mr. Shree Pratap Shrestha, Chief Executive Officer of One Point.
According to the MoU, One Point will provide a Remit Switch to IME Ltd. Following international practices, the Open API standard will be followed through this Remit Switch to simplify the integration of all internal and external systems. An open testing environment will also be provided for internal and external partners to test and integrate the APIs provided by IME Ltd.

This is the first time the Open API standard system, which is only practiced in the international market, has been launched in Nepal in collaboration with IME One Point. Through this, internal and external partners who want to integrate with APIs can move forward with the system integration process themselves.

Committed to bringing remittance services to every Nepali citizen, IME has been following new technologies to make traditional remittance services even more convenient and refined, proving itself to be a leader in the fintech sector as well. Mr. Khilendra Poudel, CEO of IME Ltd., believes that this partnership will be important in making remittance services faster and more reliable by adopting the rapid digitization of financial services.

One Point, which has been supporting banks and financial institutions to strengthen their digital payment infrastructure, has been providing secure and reliable digital systems and platforms.

About IME Ltd.:
Since its inception, the company has been committed to bringing remittance services to every Nepali citizen. By the 22nd year of service launch, it has been distributing the hard-earned money of Nepalis working abroad to their relatives in various parts of the country quickly, efficiently, reliably, and securely through 225 IME centers covering urban and rural areas of Nepal, nearly 12,000 sub-agents, and branches of banks and financial institutions.

Furthermore, embracing the trend of digitizing traditional remittance services, IME has been successfully operating digital remittance services through 'IME Pay' mobile wallet promoted by IME Digital Solution Ltd., which has been licensed as the first payment service provider in Nepal by Nepal Rastra Bank for the past five years.

Under this, beneficiaries can easily receive money sent from anywhere in the world through IME in their IME Pay app on their mobile phones. IME Pay aims to contribute to Nepal's financial inclusion and digital Nepal campaign by providing access to financial services to all Nepalis deprived of banking facilities and those with limited banking facilities.