StanChart starts Automated Clearing test with BB
Wednesday, 11 November 2009
Standard Chartered Bank started Systems Integration Testing ( SIT ) this week with Bangladesh Bank, as a part of the implementation of Bangladesh Automated Clearing House ( BACH ) project. Bangladesh Bank is introducing automated clearing in Bangladesh to replace the existing manual cheque clearing process. This milestone automation initiative will greatly increase the efficiency of the banks; customers will benefit from the reduction of time needed to transfer funds from one bank to another.
An integral requirement of automated clearing is MICR ( Magnetic Image Character Recognition) or machine readable cheques. Standard Chartered Bank has been issuing MICR cheques to its customers since May 2009. The bank has also completed necessary IT communication links with the central bank to electronically transfer and receive MICR cheque details and images once BACH goes live.
Arshadul Hasan, Chief Information Officer, Standard Chartered Bank said, "Standard Chartered is committed to the central bank's initiative of greater use of technology in banking. All necessary preparation are complete at our end and we are confident about the successful implementation of BACH. As a pioneer in introducing technologically innovative products and services in this industry, we are happy to support faster cheque clearing services for our valued customers."
Monitur Rahman, Head of IT mentioned "During this ongoing SIT phase, we will repeatedly test the exchange of files with central bank till the desired outcome is obtained to the satisfaction of Bangladesh Bank's BACH Implementation Team.
An integral requirement of automated clearing is MICR ( Magnetic Image Character Recognition) or machine readable cheques. Standard Chartered Bank has been issuing MICR cheques to its customers since May 2009. The bank has also completed necessary IT communication links with the central bank to electronically transfer and receive MICR cheque details and images once BACH goes live.
Arshadul Hasan, Chief Information Officer, Standard Chartered Bank said, "Standard Chartered is committed to the central bank's initiative of greater use of technology in banking. All necessary preparation are complete at our end and we are confident about the successful implementation of BACH. As a pioneer in introducing technologically innovative products and services in this industry, we are happy to support faster cheque clearing services for our valued customers."
Monitur Rahman, Head of IT mentioned "During this ongoing SIT phase, we will repeatedly test the exchange of files with central bank till the desired outcome is obtained to the satisfaction of Bangladesh Bank's BACH Implementation Team.