Dhaka, Bangladesh (BBN) - Bangladesh Bank (BB) has instructed banks to ensure same-day or next-day credit of inward remittances, aiming to reduce delays and improve efficiency in cross-border payment processing.
The directive, issued through a circular on Thursday with immediate effect, provides banks a transition period until March 31, 2026, to achieve full compliance.
Under the new instructions, authorized dealer (AD) banks must promptly notify customers through secure electronic channels upon receipt of inward remittance messages. Remittances received during banking hours are to be credited on the same business day, while those received after hours are to be credited on the next business day.
Banks have been advised to implement straight-through processing (STP) or risk-based expedited processing. Where essential information is available, beneficiary accounts may be credited even if some documentation or checks are pending, with remaining requirements completed afterward. If post-credit review is not feasible, banks must conduct pre-credit verification and settle transactions within three business days.
To further accelerate processing, BB has asked banks to reduce reliance on end-of-day NOSTRO account statements and instead use intraday credit confirmations. Banks are also encouraged to enhance reconciliation systems, ensuring reconciliation intervals generally do not exceed 60 minutes.
The circular emphasizes payment tracking and transparency, directing banks to use the Unique End-to-End Transaction Reference (UETR) to trace inward remittances from receipt to final credit. Banks have also been instructed to strengthen digital foreign exchange platforms, paving the way for the eventual discontinuation of Form C and Form C (ICT).
BBN/SSR/AD