IBCS-PRIMAX signs accord with Bangladesh Bank for NPS

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Friday, 03 February 2012

Author / Source : IT Reporter

A contract signing ceremony has recently taken place at Bangladesh Bank to implement the National Payment Switch under the World Bank’s Central Bank Strengthening Project (CPSB). Stakeholders of this project include the commercial banks, Bangladesh Bank itself as banker to the government and the settlement authority as the central bank of the country, non-bank payment service provider/operators, GOB, software developers for emerging e- commerce industry, and the general population who are the beneficiary of these services. InfoTech Global Pte Ltd., Singapore, in partnership with IBCS-PRIMAX Software, Bangladesh, Ltd as the local firm has been chosen through an open international tender to implement this project. The purpose of this project is to create a common platform for all the commercial banks for electronic payments. The commercial banks having an ATM/POS/e-Payment Gateways/Mobile Payment Switches or being connected to any other shared switch network will be able to send inter-bank payment instructions to the NPS for clearing and settlement purpose. There will be absolute interoperability among the private sector electronic payment networks and also will pave the way towards cross boarder electronic payment regime.
NPS will connect all the child switches already in place in the private sector including the mobile operator switches and the internet banking solutions of the banks enabling banks inter-bank mobile and internet banking transactions respectively. It will also connect the e-Payment Gateway of Public Accounts Department of Bangladesh Bank which be installed shortly. A bank which does not have its own switch will be able to connect to NPS through a third party switch operator. NPS will also have a single interface with all the international gateways like VISA, MasterCard and AMEX being able to send and receive settlement files as all the transactions will be settled or routed through it.
Additionally, it will be able to settle the Bangladeshi Taka transactions made through cards issued and acquired within Bangladesh. Transactions made through cards either issued or acquired outside Bangladesh and transactions made in Foreign Currency will be routed to the respective international gateways through this Switch.
“Online merchants of all types can quickly capitalise on the convenience, security, and consumer growth associated with the alternative payment options through this partnership”, said Sheikh Kabir Ahmed, Managing Director of IBCSPRIMAX adding that InfoTech Global Pte Ltd., which has alliance partnership with industry leaders like IBM, Oracle/Siebel, Microsoft, Cisco, and Computer Associates, are already experienced in implementing similar systems.
He further added that diversified electronic payment products will be promoted which will help expand e-commerce activities across the country considerably. With the implementation of NPS there will be a drastic change in the traditional business models in the country.
“InfoTech believes in constant product improvement and evolution to meet the needs of the financial, public and telecom industries. We constantly seek technological partnerships with leading IT companies to integrate and implement customised IT solutions for our client’s sustainability”, said Amer Khan, VP Business Development of InfoTech Global Pte Ltd.
IBCS-PRIMAX, a pioneer in the software industry, the first Oracle Corporation business partner in Bangladesh, and one of the very few CMMI Level 3 certified organisations in the country, has successfully implemented over 50 projects in the public sector in Bangladesh.
Md Ahsan Ullah, Project Director of NPS and Executive Director of BB, presided over the signing ceremony. Also present at the ceremony were BB’s Executive Directors Dasgupta Ashim Kumar, Md Abdul Hamid and other senior officials of BB, InfoTech and IBCS-PRIMAX.