BB launches internet banking fund transfer service

Bangladesh Bank (BB) yesterday launched the Internet Banking Fund Transfer (IBFT) for settling interbank transactions to provide more easy, swift and low-cost banking service to the clients, reports BSS. BB Deputy Governor SM Moniruzzaman inaugurated the interbank transactions service at a function at the central bank headquarters in the capital, said a press release.

With the launching of the system, banks will settle their clients’ transactions—one account to another account, account to credit card or debit card and debit card or credit card to account—through internet banking using the National Payment Switch of Bangladesh (NPSB), an automated common platform of BB for all banks to settle all interbank transactions.

Under the system, clients can also transact money from one bank to another bank and they can also pay credit card bill, monthly installment of DPS, installment of loan, insurance premium and business to business money.

The daily transaction for a customer will be five times and a total of Tk 2,00,000. Each transaction will be maximum Tk 50,000. Banks will ensure two factor authentications for internet banking to maintain security.

They will send SMS to the customer’s mobile phone after completing transaction. NPSB was introducing through Automated Teller Machine (ATM) in 2012. Later Point of Sale (POS) was included with NPSB.

Six banks have already completed all activities to provide IBFT services.

Bangladesh Bank in a press statement yesterday said, BB will continue its strict position to resist the digital hundi for enhancing the inflow of remittance through the legal channel.

“The inflow of remittance increased by 35.83 per cent or US $306 million from the amount in the previous month (September 2017),” said BB Executive Director and Deputy Head of the Bangladesh Financial Intelligence Unit (BFIU) M Mizanur Rahman Jodder at a meeting with mobile financial service provider organisations at BB headquarters in the capital, said a press release.

BB General Manager and Operation Head of BFIU M Zakir Hossain presided over the meeting.

BB launches internet banking fund transfer service

Bangladesh Bank (BB) yesterday launched the Internet Banking Fund Transfer (IBFT) for settling interbank transactions to provide more easy, swift and low-cost banking service to the clients, reports BSS. BB Deputy Governor SM Moniruzzaman inaugurated the interbank transactions service at a function at the central bank headquarters in the capital, said a press release. With the launching of the system, banks will settle their clients transactionsone account to another account, account to credit card or debit card and debit card or credit card to accountthrough internet banking using the National Payment Switch of Bangladesh (NPSB), an automated common platform of BB for all banks to settle all interbank transactions. Under the system, clients can also transact money from one bank to another bank and they can also pay credit card bill, monthly installment of DPS, installment of loan, insurance premium and business to business money. The daily transaction for a customer will be five times and a total of Tk 2,00,000. Each transaction will be maximum Tk 50,000. Banks will ensure two factor authentications for internet banking to maintain security. They will send SMS to the customers mobile phone after completing transaction. NPSB was introducing through Automated Teller Machine (ATM) in 2012. Later Point of Sale (POS) was included with NPSB. Six banks have already completed all activities to provide IBFT services. Bangladesh Bank in a press statement yesterday said, BB will continue its strict position to resist the digital hundi for enhancing the inflow of remittance through the legal channel. The inflow of remittance increased by 35.83 per cent or US $306 million from the amount in the previous month (September 2017), said BB Executive Director and Deputy Head of the Bangladesh Financial Intelligence Unit (BFIU) M Mizanur Rahman Jodder at a meeting with mobile financial service provider organisations at BB headquarters in the capital, said a press release. BB General Manager and Operation Head of BFIU M Zakir Hossain presided over the meeting.