Kathmandu: Everest Bank has achieved a significant technological milestone by successfully migrating its entire card portfolio to the EFT Card Switch operated by Nepal Clearing House Limited (NCHL).
With the completion of this migration, the bank has officially commenced card transactions through this new infrastructure, marking a shift toward more robust domestic processing. This transition ensures that all issuing, acquiring, processing, and routing of the bank’s Visa card transactions will now be handled directly through NCHL’s EFT Card Switch.
In addition to the migration of existing services, Everest Bank is set to begin the issuance and acquisition of NEPALPAY Cards. This move is expected to significantly strengthen the bank’s participation in the National Card Scheme while bolstering the countrywide acceptance of domestic cards across various digital channels, including ATMs, Point of Sale (POS) terminals, and merchant locations.
Furthermore, the existing collaboration between NEPALPAY and the international Discover Card network means that Everest Bank’s cardholders will benefit from enhanced acceptance both within Nepal and across international markets.
The transition from the bank’s legacy card switch to NCHL’s modern EFT infrastructure represents a major strategic advancement for Everest Bank. This move is designed to streamline card-related operations, ensuring greater operational stability and increasing overall efficiency. Beyond administrative ease, the new system offers fortified security features and cost optimization, allowing the bank to provide more secure and economical digital payment solutions to its customers.
Nepal Clearing House Limited currently manages the EFT Card Switch as a critical component of the national payment infrastructure, with more than 11 banks and financial institutions already integrated into the system. The switch is capable of processing transactions for a variety of national and international card schemes. Its growing importance is reflected in its performance during the last fiscal year, where it successfully processed transactions valued at over Rs 4.28 trillion.
Everest Bank continues to be a cornerstone of Nepal’s financial landscape, providing extensive services through its network of 132 branches, 32 revenue collection counters, 4 extension counters, and 167 ATM terminals. By upgrading its core card processing technology, the bank has reaffirmed its commitment to the development of the nation’s financial sector. This initiative ensures that its steadily growing base of cardholders has access to modern, reliable, and highly secure banking services in an increasingly digital economy.
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