Central bank modernises automated clearing house
Bangladesh Bank modernised its automated clearing house to facilitate inter-bank electronic payments twice a day instead of one.
The updated version went live successfully yesterday, the banking regulator said in a statement.
Bangladesh Automated Clearing House, which was launched first in 2010, has two components - the automated cheque processing system and the electronic funds transfer (EFTN).
Funds move from one bank account to another with the help of an intermediary that routes funds to the final destination.
On the first day of the new system, 65,736 cheques and over 60,000 EFTN transactions were settled, the BB said.
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