Bangladesh Bank (BB) Monday introduced a fund transfer system allowing the country's 40 scheduled banks to transact money electronically.
The BB governor Dr Atiur Rahman formally launched the state-of-the-art technology at the central bank.
National project director of access to information Nazrul Islam Khan, deputy governors and BB high-ups were present during the inauguration.
At a post inauguration press conference, BB Governor termed it a milestone in the country's banking sector.
The BB Governor also said a modern national payment system is the backbone for a country's monetary and financial infrastructure and an advance payment system plays a critical role in the present and future national economic development.
This new system called Bangladesh Bank Electronic Fund Transfer Network (BEFTN) will help reduce time and cost relating to processing of cheques.
The EFT Network refers to a highly reliable and efficient nationwide batch-oriented electronic funds transfer system, which provides for the inter-bank clearing of electronic debits and credits.
This will be linked to the mobile payments which remain under process.
An EFT entry may either be a credit or a debit entry. By examining what happens to the receiver's account will determine whether it is a debit or a credit.
The BB Governor said: "We've initially introduced only credit sides today and the debit sides will be implemented within the next six months."
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