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>> All mobile banking facilities remain as one
>> The interoperability service is launched as of October 27
>> Program on March 31 for those who have not yet
Bangladesh Bank is to introduce an interoperability system to reduce cash transactions and make mobile banking services (mobile financial services or MFS) more popular in the country. The central bank has mentioned in a circular to be released from October 26.
Through the MFS service, you can open an account in one organization and make instant transactions in all other organizations. At the same time, customers can make instant transactions from the bank as MFS and from MFS to the bank.
Bangladesh Bank’s Payment Systems Department issued a circular on Thursday (Oct 22) to the bank’s managing director and chief executive officer and the MFS provider.
According to a central bank circular, work is underway to implement interoperability transactions between all banks and MFS providers using the NPSB (National Payment Switch Bangladesh) infrastructure to reduce cash transactions in the country.
The interchangeable transaction service between banks and MFS providers through NPSB will be launched from October 26. Banks and MFS providers that have not yet completed preparations for the launch of the interoperability system will be required to initiate transactions in the system by March 31 next year, according to the circular.
In the first step of implementation of this system, money can be transferred from an MFS account to another MFS, from an MFS account to the bank and from a bank account to MFS. In this case, the central bank has determined the transaction fees.
>>> In case of money transfer from one MFS provider’s account to another MFS provider (P-to-P), the receiving MFS provider will pay the sending MFS provider a fee of 0.60% of the amount total of the transaction.
>>> In case of money transfer from a bank account like MFS and from an MFS account like bank, the MFS provider in question will pay a fee of 0.45% of the total amount of the transaction to the bank in question.
>>> Participating banks and MFS for interoperable transactions will not be able to impose any additional charges on the existing transaction fees at the customer level.
>>> In the case of transactions in an interoperable system, the transaction limit prescribed according to the variant of the bank / MFS account in question will be applied. This instruction will take effect immediately.
According to the latest central bank data, a total of 15 banks are currently involved in mobile banking. At the end of last August, the number of registered customers in mobile banking was 9 crore 29 lakh 36 thousand.
From an account in the Interoperability System, money can be exchanged at just 15 organizations that currently offer MFS services. Development account holders will be able to transact with UKash, Rocket, MCash clients. Again, Ucash clients will be able to transact with clients of all organizations, including Bikash, Sure Cash. MFS account holders can also transact like any bank.
SI / SHS / MAR / JIM
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