Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has launched its automated clearing house on testing and trial basis that would function in full swing within a month or two, officials said on Wednesday.
Under the new system, the payment will be settled using automated cheque clearing system and electronic fund transfer among 1100 bank branches in Dhaka initially.
“Our traditional clearing house was closed today (Wednesday). All banks have participated in the automated clearing system,” Bangladesh Bank (BB) Governor Atiur Rahman told reporters at CIRDAP Auditorium.
The Bangladesh Automated Clearing House (BACH), the automated payment systems platform, has two components – the first one is Bangladesh Automated Cheque Processing Systems (BACPS) and the second Bangladesh Electronic Funds Transfer Network (BEFTN).
“We’re now working to implement the BACH fully aiming to facilitate business activities through modernizing the payment and settlement systems,” a BB senior told BBN in Dhaka.
After implementation in Dhaka, the automated process will spread to the regional clearing houses including Bangladesh Bank offices in Chittagong, Khulna, Rajshahi, Bogra, Sylhet, Barisal and Rangpur respectively, he added.
BBN/SSR/SI/AD-05Aug10-10:00 am (BST)