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Wednesday, October 10, 2007

National Payment Gateway for e-commerce and inter-bank transactions

Dutch Bangla Bank has already strengthened its competitive position with the largest fleet of ATMs across the country. Their thinktanks are also actively advocating for something even more useful and effective.
"E-Commerce is a much talked issue for last ten years in Bangladesh. However, it is still in the infant stage. Many enthusiastic merchants started e-commerce activities in Bangladesh but due to lack of support from the banking industries to collect the "Payment" which is a vital component of the e-commerce life cycle, they virtually failed to keep the interest vibraqt.Inter-bank fund transfer in Bangladesh is allowed only through clearing house which requires at least two working days to be settled the transaction. Due to absence of the inter-bank ATM/POS transactions, all such transactions are now happening through Visa / MasterCard networks for which the per transaction cost is very high (1.00 - 1.25 USD per transaction) and also a substantial amount of foreign currency need to be paid to the network authorities as 'network use' charge.National Payment Gateway will also facilitate the customers to pay their utility bills through ATM, Internet banking or sms banking systems from anywhere anytime even from his office / residence at mid-night or holidays.However, before implementing the National Payment Gateway, new policies, rules and regulations need to be enacted by the Bangladesh Bank (central bank). The task has nowbecome easier as the "Information and Communication Technology" act was already gazetted on October 08, 2006." Read more. ( by Abul Kashem Md. Shirin, SEVP and Head of IT, Dutch-Bangla Bank Limited)
Multinational banks like StanChart don't even allow inter-account fund transfers between two different account holders of the bank, let alone inter-bank fund transfer. What DBBL is proposing, would surely make way to easier and cost-effective banking experience for us.


Anonymous said...

yeah it would surely be better if everyone works together but then again there's so much politics involved just to be against DBBL rather than doing what would be the best for the banking customers. DBBL spending over 100 crore opened up their network to every fibancial institution.

Brac bank goes out of its way to build a system on a budget, skimming over security requirements. Its an iminent computer disaster about to happen which they will obviously blame it on the account holder.

Fida Haq said...

Bangladesh Bank has just posted an IBF (Invitation for Tender) for a National Switch and e-Payment Gateway on their site
Would be interesting to see how this project unfolds.

tajul islam said...

thats really fantastic news for us