Automated Clearing House set to start journey by mid-2009
Sunday, 19 October 2008
FE Report
Bangladesh Automated Clearing House (BACH) will hopefully begin its journey by the middle of next year to ensure the processing of cheques, credit and debit payments instruments of banks electronically.
A central bank official disclosed this at a seminar on "Cheque Processing System & MICR Technology" held at a city hotel recently.
Inclusion of MICR code and other automated cheque processing systems are one of the major components of the BACH scheme of Bangladesh Bank.
BACH is the part of the Remittance and Payments Partnership Project supported by the UK's Department for International Development (DFID).
Donor-funded BACH will be established with a cost of $ 16 million.
As per the BACH compliance, cheques from different banks should be standardised with the inclusion of Magnetic Ink Character Recognition (MICR) and imaging technologies.
The BACH system is based on a centralized processing center located in Dhaka and its branches in seven other cities. The system will support both intra-regional and inter-regional clearings.
Bangladesh Automated Clearing House (BACH) will hopefully begin its journey by the middle of next year to ensure the processing of cheques, credit and debit payments instruments of banks electronically.
A central bank official disclosed this at a seminar on "Cheque Processing System & MICR Technology" held at a city hotel recently.
Inclusion of MICR code and other automated cheque processing systems are one of the major components of the BACH scheme of Bangladesh Bank.
BACH is the part of the Remittance and Payments Partnership Project supported by the UK's Department for International Development (DFID).
Donor-funded BACH will be established with a cost of $ 16 million.
As per the BACH compliance, cheques from different banks should be standardised with the inclusion of Magnetic Ink Character Recognition (MICR) and imaging technologies.
The BACH system is based on a centralized processing center located in Dhaka and its branches in seven other cities. The system will support both intra-regional and inter-regional clearings.