People now get electronic fund transfer facilities

People now get electronic fund transfer facilities
Author / Source : BSS

DHAKA, Oct 1: Bangladesh Bank (BB) is now offering debit transaction facility under its electronic fund transfer (EFT) network to provide people an easy, faster and hassle-free service, especially for giving tax, utility bills and remittance transfer. Debit transaction facility is a new addition to Bangladesh Bank’s (BB) EFT system that was introduced from February this year under Bangladesh Electronic Fund Transfer Network (BEFTN).  BB also introduced automated clearinghouse under BEFTN last year to settle cheque quickly.

“Debit transaction facility is now on operation. This paperless service will not only ease payment of tax and various bills but also reduce transaction cost for both organisations and their clients,” said BB executive director Dasgupta Asim Kumar.

“It is faster and less expensive,” he said, adding that for example, if a bank charges Tk 100 for providing a service, it will come down to only Tk 5 under this new transaction system,” he added.

Large public utility service providers such as WASA, Titas and Power Development Board (PDB) can easily collect their bills from their hundreds of thousands of consumers under debit transaction service.

Their consumers, the ultimate sufferers, will not have to stand in queue in bank concerned at the end of each month to clear bills, the BB official said.

Under this system, a customer will have to give his account details with an authorisation to the service provider for deducting a certain amount from the account at the end of each month. If the service provider has an account with same bank of its consumer, it will submit these account details to its bank which will transfer the authorised amount to the service provider’s account each month.

If their accounts are with two different banks, the service provider’s bank will send consumer’s account details to EFT unit of BB which will settler the bill payment through debit transaction system. “This system will help clear hundreds of thousands of payments in a click on an online system,” he added.

“What is essentially needed to make it functional is an agreement between the organisation and customer on transferring of a certain amount of money at the end of each month,” Dasgupta said, adding that if any confusion arises or in case of over- billing, the customer can contact the service provider to settle the issue.

He said this paperless service is very-cost effective.  Present billing system is complicated as it needs completing a long process from paper bill preparation and delivery the same to clients.

For example, the BB executive director said, Titas needs to spend Tk 1.5 crore each year for paper bill preparation and giving delivery to its clients. But this cost comes down to a few thousand Taka, as this service reduces paper, delivery and also manpower costs.

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