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BB to launch interoperability system in mobile banking from Oct 27

Published : Friday, 23 October, 2020 at 11:35 AM  Count : 586

BB to launch interoperability system in mobile banking from Oct 27

BB to launch interoperability system in mobile banking from Oct 27



Bangladesh Bank is going to launch interoperability system for mobile financial service (MFS) providers.

The system will be launched on October 27, the central bank issued a circular in this regard on Thursday.

Money can be transferred between bKash, Nagad, Rocket and other firms once the interoperable services are fully launched.

Through the MFS service, a customer can instantly make transactions with other banks by opening an account at a bank.

The Payment Systems Department of the central bank sent the circular to the director and chief executive of the Bangladesh bank and also the provider of MFS on Thursday.

The banks and the MFS providers who cannot launch interoperability system yet, will have to start transaction within March 31, 2021.

An MFS firm will have to pay 0.8 per cent of the money received from another firm. The company from which the customer sends the amount will get the fees.

The fees will be 0.45 per cent for transactions between the banks and MFS companies.





The customers will not have to pay the new fees. The fees to withdraw money remain same.

TF

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