digital
Understanding Digital Financial Transaction Accounts and Reconciliation
When making payments through digital wallets, mobile banking, internet banking, SMS banking, or other electronic methods, transactions can sometimes fail due to technical issues, causing discrepancies in account balances. To address this, the Nepal Rastra Bank has set reconciliation timeframes: one business day for same-day transactions, three business days for transactions between different Nepalese institutions, and thirty business days for transactions involving foreign institutions. The responsibility for reconciliation lies with both issuing and acquiring institutions, ensuring accurate account balances. For more information, consumers can contact the Nepal Rastra Bank's Financial Consumer Protection Department.
Sandeep Chaudhary
1 min read
Digital Financial Transaction Accounts
When making payments or transferring funds through digital wallets, mobile banking, internet banking, SMS banking, or other electronic payment methods, sometimes transactions might fail due to technical issues, resulting in discrepancies in the account balance. In such situations, there is a system in place to reconcile the funds and update the customer's account balance.
The provisions are as follows:
(a) If the transaction occurs between institutions using electronic payment methods within the same day, the balance should be reconciled within one business day (T+1).
(b) If the transaction occurs between institutions using electronic payment methods, but both institutions are different Nepalese institutions, the balance should be reconciled within three business days (T+3).
(c) If the transaction occurs between institutions using electronic payment methods, but one of the institutions is foreign, the balance should be reconciled within thirty business days (T+30).
The responsibility of reconciling these transactions lies with both the issuing and acquiring institutions. For more information regarding these regulatory provisions and the digital financial transactions, please contact the relevant institutions.
Written by
Sandeep Chaudhary