Customers can transfer money to other accounts from now within minutes using the launch of inter-bank Internet Banking Fund Transfer(IBFT) services.
Using the IBFT, a customer will be able to transfer up to Tk 50,000 in a single transaction through the National Payment Switch Bangladesh (NPSB) of the Bangladesh Bank.
Each day customers will be allowed to make a maximum of five transactions and total transfer of Tk 200,000.
The services can be used to pay credit card bills, monthly instalment for deposit schemes or DPS, instalment of loan repayment, and insurance premiums.
The introduction of the service was welcomed by bankers on Thursday.
Bank Asia Managing Director Arfan Ali praised the move and remarked it as a ‘milestone’ in Bangladesh’s banking history.
“We used to transfer money in T+24 hours, meaning 24 hours. Now the funds will be transferred within a minute,” he said.
“As well as the customers will be able to send money to other customers’ accounts from home,” he added.
The services will be available on mobile phones.
A press release by Bangladesh Bank stated the customers will be able to transfer funds from account to account, account to debit or credit card and from debit or credit card to account.
The services were inaugurated by Deputy Governor SM Moniruzzaman at a function attended by the central bank’s executive directors and managing directors of several banks.
The release stated NPSB was launched in 2012 to make the process of inter-bank electronic payment easier. Initially, it allowed only inter-bank ATM transactions and later included inter-bank POS transactions.
Now, 51 of the 53 banks with payment card business are members of the NPSB.
IBFT was launched to expand the card payment business of the banks, the release says.