EFT system soon in govt transaction

FE Report Electronic Fund Transfer (EFT) system is going to be introduced in the government transaction such as disbursement of salary and allowances within one or two months. Bangladesh Bank (BB) Governor Dr Atiur Rahman disclosed this Thursday while inaugurating EFT system of the ICB Islamic Bank Limited at the central bank conference room. ICB Islamic Bank launched the service titled "ICBI Easy Pay" under Bangladesh Electronic fund Transfer Network (BEFTN) set up at the Bangladesh Bank on February 28 this year. Under the service, the ICB Bank's customers can now transfer their fund to any branch of any bank across the country easily, quickly and safely at minimum cost within maximum 24 hours. To get the service, the customers need to collect an application form from any branch of the bank and submit it there. Dr Atiur Rahman said Bangladesh Automated Clearing House (BACH) was a milestone of the country's payment or banking system. Bangladesh Electronic fund Transfer Network, being implemented under BACH, brought a landmark change in the country's payment system, he said. It had become possible to transfer fund within the country safely at lowest time and cost and Bangladesh entered into a modern technology based payment system from a traditional one by BEFTN, the governor noted. Under the new system, one the one hand the customers were enjoying the service of fund transfer at easiest way and lowest cost and one the other hand the banks got a new path of earning money, he said. He further said the central bank took an initiative of establishing 'e-payment gateway' for enhancing internet banking system and e-commerce in the country. Dr Atiur Rahman hoped that the gateway system would be launched in 2013. With the system, an inter operability among the terminals of Automated teller Machine (ATM) and Point of Sales (POS) would be ensured and e-commerce be enhanced in the country, he added. Deputy Governor M Abul Kashem, executive director Dasgupta Asim Kumar, ICB Islamic Bank Managing Director & Chief Executive Officer Mamoon Mahmood Shah, among others, were present at the "ICBI Easy Pay" launching ceremony.