BRAC Bank, upay sign deal on fund transfer

BRAC Bank has signed an agreement with mobile financial service provider upay recently, allowing BRAC Bank customers to transfer funds from Mobile App 'ASTHA' to their upay accounts, says a statement.
Users can transfer up to Tk 50,000 to upay account in a day. Soon, upay customers will be able to transfer fund to BRAC Bank account from their upay account as well.
upay will also use the payment settlement services of BRAC Bank to facilitate transactions for its mobile account.
The integration between BRAC Bank and upay will help the customers of both organisations enjoy smooth, reliable and secure transactions conveniently.
This agreement will also enable migrant Bangladeshis to send money home directly to upay account, with the help of BRAC Bank's 60+ remittance partners, including leading exchange houses and banks worldwide.
Together, BRAC Bank and upay will automate the processing of remittance transactions, leading the way to the pinnacle of convenience where the beneficiary will receive the remittance instantly, no matter which corner of the world the remittance is sent from.
Under this agreement, BRAC Bank shall provide the TCSA (Trust-Cum-Settlement Account) service which shall enable UPAY to operate its Trust Fund in line with MFS & TCSA guideline. Also UPAY shall avail various collection and payment solution that includes BRAC Bank's Corporate Internet Banking Platform, CORPnet.
Selim RF Hussain, Managing Director & CEO, BRAC Bank; and Rezaul Hossain, Managing Director & CEO, upay; signed the agreement on behalf of their respective organisations at the bank's Head Office in Dhaka.