The IT professionals and experts in the banking industry will sit together Saturday in the city to share knowledge on the proposed Real Time Gross Settlement (RTGS) system and prepare them to start rendering the service by October next.
The Bangladesh Bank (BB) earlier set October 8 for going live with the RTGS system.
RTGS will enable the banks to settle especially the high value transactions electronically between two banks and/or customers within few seconds ensuring highest security, officials said.
To avail the service, the customers will need not to physically move to the banks' branches, which will be a milestone advancement in the country's money settlement system, they said.
Chiefs of information technology (IT) departments and officials responsible for RTGS operations at the commercial banks and officials the central bank will attend the assembly at a city hotel.
"BB and CTO Forum Bangladesh will jointly arrange the seminar," Tapan Kanti Sarker, president of the forum, said at a press conference at the National Press Club in the city Monday.
"The event will have an interactive discussion among the IT professionals and analysts, which will help to cover the gap of knowledge, required to make the RGTS system a success," Mr Sarker said.
The press conference was addressed, among others, by S. M. Rezaul Karim, deputy general manager of payment systems department, BB, Khandaker Ali Kamran Al Zahid, BB's deputy director, S.M. Mainuddin Chowdhury, deputy managing director of Southeast Bank Ltd, Mostafa Shamsul Islam, managing director of Flora Ltd, Md Rahat Uddin, senior system analyst at BB, Himadri Shekhar Sarder system analyst at BB, and Syed Masodul Bari, secretary general of CTO Forum Bangladesh.
Mr Karim said that the central bank is working to ensure international standard services and security in RTGS.
Connectivity between the central RTGS system at BB and the respective modules of commercial banks is expected to be completed within July, then "We hope to go live with the RTGS in October this year," he said.
The BB is installing its central system with about $2.0 million, mostly funded by the Asian Development Bank (ADB), Mr Zahid said.
"The commercial banks will need to establish their respective module and system with own funds," he said.
One of the main objectives of RTGS is to ensure the cash-less transactions in the country, he said.
Quoting findings of a study, Mr Zahid further said that the GDP growth will additionally rise up to 1.0 per cent if the paper-based transactions are turned into the cash-less ones in the country.
Mr Mainuddin assured of preparing them for launching the RTGS within the stipulated timeframe.
He also laid stress on creating awareness among the people about it.
Mr Mr Sarker said that the IT experts and professionals from both central bank and commercial banks will discuss details at the seminar on how to make the RTGS system a success in the country.
md.ali.du@gmail.com
IT professionals, experts in banking industry to sit Saturday on RTGS
FE Report | Published: May 26, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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