Introduction
Bangladesh Banks initiative to set up e-payment gateway aka Bangladesh Electronic Fund Transfer engagement (BEFTN) will rarify internet banking and e-commerce in the country. It is a big step before to set up a common platform, offering the great unwashed online fund transfers at their convenience.
The basic step towards mechanization started with the intromission of the Bangladesh Automated Clearing House (BACH) in 2010. Funded by UK surgical incision for International Development, BACH re enthroned the physical movement of cheques to the clearing provide through image based transfer of cheques to the central bank. already BACPS (Bangladesh Automated Cheque Processing System) has now been rolled come forth in other major cities.
Bangladesh Bank governor declargond that the e-payment gateway will start functioning in the first quarter of 2013. Internet offers convenient way for financial operate and conduct banking business at any point of time. However, online banking protection issues have become one of the most important concerns of the banks. The automation done with remarkable speed and accuracy and Bangladesh Bank (BB) deserves a lot of praise for the initiative.
The Bangladesh Electronic Funds Transfer profits (BEFTN) will operate as a processing and tar centre providing for the distribution and settlement of electronic credit and calculate instruments among all participating banks. This Network will operate in a real-time batch processing mode. Transaction files authoritative from the banks during the day will be processed as they are received to ensure that if there are conditions that would result in a file or batch reject the banking ships company will have sufficient time to fix the errors and feed back the file. All payment transactions will be deliberate into a single multilateral netting figure for from each one individual bank. Final settlement will take place using accounts that are maintained with Bangladesh Bank.
Participating banks in the EFT Network and the EFT Operator...If you want to get a full essay, order it on our website: Orderessay
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