Dhaka Bureau: Bangladesh Bank has introduced inter-transaction ‘exchange’ between banks, mobile banking or MFS and PSP. Through this service, instant transactions can be done from Bikash to Rocket or from Way to mCash or to Bikash or to the bank with one account. The official journey of this digital transaction platform will begin today Sunday. Sajib Wazed Joy, Advisor to the Prime Minister on Information and Communication Technology, will officially inaugurate this program at a hotel in the capital today. The organizer of the program is Bangladesh Bank.
Customers can avail this service if they have an account with a commercial bank or Mobile Banking Services (MFS) institution. In other words, money can be transacted using Bkash, Rocket Way or MKash ‘Exchange’ with the customer’s MFS or any bank account. Until now money could only be sent by Bikash to Bikash or rocket to rocket. Now money can be sent to any operator.
Therefore, the customer will not be able to open this ID from the ‘Exchange’ icon in his bank or MFS app. can By using ‘Exchange’ you will be able to transact easily and quickly without any hassle. In this case, only the other’s virtual ID can be given. Money will go. No need to give name, bank or account number. Initially, this system will provide the opportunity to complete small scale transactions.
Initially, transactions are going to start between 11 institutions. Eight of these banks are – Sonali, BRAC, UCB, Eastern, Mutual Trust, Pubali, Al-Arafah Islami and Midland Bank. The three MFS institutions are Bikash, Dutch-Bangla Bank’s Rocket and Islami Bank’s MKash. Apart from this, a payment service provider (PSP) called Tally Pay will be added.
The Central Bank has decided how much will be the charges and fees of this new service called ‘Binimay’. Bangladesh Bank’s Payment Systems Department issued a circular finalizing the charge fees on Thursday. It said, the Inter-Operable Digital Transaction Platform (IDTP) ‘will pay 50 paise to the receiving institution for every transaction of any amount using the exchange. Other than the bank, the inter-operable charge is to be paid by the receiving institution to the paying institution. Inter-Operable Fee As per Central Bank’s guidelines, a maximum of Tk 10 will be charged from the customer for any amount of transaction from the exchange platform to bank to bank. Bank to PSP and MFS transactions do not require any charges from the customer.
In case of MFS and PSP, the receiving institution and the paying institution will charge at the rate of 0.45 percent. A maximum of 1 percent fee can be collected from the customer for bank transactions from MFS and PSP. There is no inter-operable charge. However, a maximum of 0.50 percent can be charged from the customer in PSP to PSP and MFS transactions. In this case, as inter-operable charge, the receiving organization will pay the paying organization at the rate of 75 percent.
Bangladesh Bank currently has four platforms for settlement of inter-bank transactions apart from exchange. Among these, the Central Bank does not charge any charges except for the Bangladesh Automated Check Processing System (BACPS). In case of BACP, checks up to 50 thousand taka are settled free. And the central bank takes 10 taka per transaction from more than 50 thousand taka to 2 lakh taka and if it is more than 40 taka. Besides, customers or banks do not have to pay any charges, fees or commissions for transactions in Bangladesh Electronic Fund Transfer Network (BEFTN), National Payment Switch Bangladesh (NPSB) and Real Time Gross Settlement (RTGS) system.
