Banks have to ensure same-day or next-day crediting of inward remittances to reduce disbursement delays and improve efficiency in cross-border payment processing, says a binding regulatory order.
Bangladesh Bank (BB) issued the firman Thursday through a circular with "immediate effect".
However, banks have been given a transition period until March 31, 2026, in order to achieve full compliance.
Under the new instructions, authorised dealer (AD) banks are required to promptly notify customers through secure electronic channels upon receipt of inward-remittance messages.
"Remittances received during banking hours are to be credited the same business day, while those received after banking hours are to be credited the next business day," the circular reads.
Banks have been advised to use straight-through processing (STP) or risk-based expedited processing methods for such real-time transfer. In case of availability of essential information, beneficiary accounts may be credited even if some documentation or checks are pending, with remaining requirements completed afterward.
"In cases where post-credit review is not feasible, banks need to conduct pre-credit verification and settle the transactions within 3 business days," the overriding rule notes.
To accelerate processing further, the BB has asked banks to reduce reliance on end-of-day nostro account statements and instead use intraday credit confirmations.
The bankers are also encouraged to enhance reconciliation systems, with reconciliation intervals generally not exceeding 60 minutes.
The circular emphasizes payment tracking and transparency, directing banks to use the Unique End-to-End Transaction Reference (UETR) for tracing inward remittances from receipt to final credit.
Banks have been instructed to strengthen digital foreign-exchange platforms, enabling the eventual discontinuation of Form C and Form C (ICT).
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