Clients can now avail interbank transaction service at home

Economic Correspondent: Bangladesh Bank (BB) launched the Internet Banking Fund Transfer (IBFT) for settling interbank transactions to provide more easy, swift and low-cost banking service to the clients.

With the launching of the system, clients can transact money from one bank to another bank sitting at home.

BB Deputy Governor SM Moniruzzaman inaugurated the interbank transactions service at a function at the central bank headquarters in the city on Thursday.

"We are heading towards a digital banking coming out of the traditional system. Now transactions will be easier with the introduction of the system. Clients can transact money from one bank to another bank sitting at home," SM Moniruzzaman said.

With the initiation 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 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 Taka 2,00,000. Each transaction will be maximum Taka 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.

risingbd/Dhaka/Nov 2, 2017/Hasan/Amirul