Customers of six banks can now tranfser funds online

Customers of six banks -- Bank Asia, Standard Chartered, Bangladesh Commerce Bank, City, Dutch-Bangla and Midland -- can now send funds among themselves through online banking.

Previously, customers could transfer funds through the platform to another account of the same bank.

The six banks have initially signed up for the fund transfer facility through the National Payment Switch Bangladesh, but more banks are in the process of doing so.

The new platform was inaugurated by Bangladesh Bank Deputy Governor SM Moniruzzaman at an event yesterday at the central bank headquarters in the capital.

Thanks to the facility, customers can now pay their credit card bills and make their monthly instalments of deposit pension schemes, loans and insurance premiums from the comforts of one's homes.

A client can make a maximum of five transactions amounting to Tk 2 lakh a day; the single transaction limit is Tk 50,000.

Customers will be informed about the transactions instantly through SMS alert service.

Meanwhile, the banking regulator recently has launched another initiative to link the customers' mobile financial services accounts and bank accounts, said a BB official.

The central bank introduced the NPSB on December 27, 2012 with the view to upgrading the inter-bank electronic payment; 51 banks signed up for the platform then.

The NPSB is now playing the role of a “mother switch” and it will gradually connect all “child switches” owned or shared by banks in the country.

The child switches are: automated teller machines, point of sale, electronic commerce, internet banking, mobile banking and other online banking services offered by banks.