Platform for interoperability in digital financial transactions by 2021
The government yesterday approved a project which would make public a platform for interoperability in digital financial transactions, ensuring seamless transactions between payment systems alongside transparency and reducing transaction costs.
To cost Tk 54.85 crore, the "Interoperable Digital Transaction Platform Service" project will be up and running by February next year.
A joint venture firm comprising Orion Informatics, Microsoft, Fintech and Sain Ventures won the procurement order and will start installing the platform from next month.
The government will pay Tk 43.27 crore to the joint venture and another Tk 11.68 crore as value added tax.
The Cabinet Committee on Public Purchase at the Cabinet Division have the nod to the project.
It will act as a bridge between customers, merchants, payment processors, e-wallets, banks, financial institutions, payment systems operators and government and private institutions.
It will also make it easy to make payments, including that for e-commerce and bills, and send remittance, said officials related with the process.
Briefing journalists after the meeting, Finance Minister AHM Mustafa Kamal said the platform would help digitalise the financial system.
"We found top global players in the joint venture and hope to get the optimum benefit by 2021," Kamal said.
Through a meeting with Prime Minister's ICT Affairs Adviser Sajeeb Wazed Joy in 2017 the Information Communication Technology Division first undertook the project.
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