DHAKA: Executive Director, Bangladesh Bank (BB) Subhankar saha on Saturday said Bangladesh was almost there to offer the Real Time Gross Settlement (RTGS) service in the country by October 8.
The central bank of the country issued a press note in this regard.
Subhankar saha, while addressing a seminar on RTGS as chief gust, also said “RTGS is an advanced technology that ensure the interbank transaction faster and secure than ever.”
The seminar was jointly organized by CTO forum Bangladesh and Bangladesh Bank that held at hotel Purbani in city.
Cto Forum Bangladesh Prisident Tapan Kanti Sarkar moderated the Seminar. BB Deputy Director Khandakar Ali Kamran Al Zahid delivered the keynote speech.
A real time payment solution software was demonstrated by Sakhawatul Islam, General Manager, Software Development flora limited.
KM Abdul Wadood, General Manager PSD Bangladesh Bank & Mostafa Shamsul Islam, Managing Director, Flora Limited were also present at the seminar as special guests.
RTGS infrastructure has almost done, Bangladesh Bank order the banks to do all necessary infrastructure by June 30. ADB has been supporting this project financially, Subhankar Saha added.
In his keynote speech Zahid describe how RTGS work and it will help the digital business providing a real time gross transaction. It enhances the B2B transaction along with the other general transaction.
At the seminar CTO forum Bangladesh president Tapan Kanti Sarker said that it will enable instant settlement of high value local currency transactions as well as government securities and foreign currency based transactions.
In RTGS or large-value funds transfer system, the transmission and processing of payment messages are typically automated or electronic, while settlement takes place in central bank funds As it offering the faster movements of fund and securities definitely it will enhance the business that contribute the GDP.
The panelists discussed on different advantages of the service along with challenges that need to mitigate to make the service a success. They also discussed the technical issues including software and securities.
The number of technical officers from different financial institutes were participated the Q/A session along with the media.
The RTGS is an advance technology in digital banking which is a interbank electronic credit transfer system where transfer of fund and security take place from one bank to another on a real time and gross basis.
Dr. Ijazul Hoque, Treasurer, CTO forum Bangladesh, SM Rezaul Karim, Deputy General Manager Payment System Department Bangladesh Bank, SM Mainuddin Chowdhury, Deputy Managing Director, South East Bank Ltd , Shah Alam Patwary, EVP and CIO, Mutual Trust Bank Ltd, Md Rahat Uddin, Senior System Analyst Bangladesh Bank, Himadri Shekhar Sardar & Md. Mashiuzzaman, System Analyst Bangladesh Bank were participated the seminar as panel discussant.
BDST: 2111 HRS, MAY 30, 2015
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