Progoti Systems gets payment service provider licence
Progoti Systems Ltd was awarded with the payment service (PSP) provider licence by Bangladesh Bank today.
PSP licenceholders can facilitate payment processes directly to the customers and settle their transactions through a scheduled bank or financial institution.
The Payment Systems Department issued the licence today, according to a BB circular.
This took the number of PSP licensees to 5. Other players are iPay Systems Ltd, D Money Bangladesh Ltd, Recursion FinTech Ltd, Green & Red Technologies Ltd.
Progoti Systems Ltd already has surrendered its licence for payment system operator (PSO) before getting the PSP licence, according to Mezbaul Haque, general manager of the Payment Systems Department.
PSO providers operate a settlement system for payment activities between or among participants of which the principal participant must be a scheduled bank or financial institution; such as payment gateway, payment aggregator etc.