BRAC Bank starts operation for automated clearing today

FE Report

BRAC Bank will start Systems Integration Testing or SIT with Bangladesh Bank for the Bangladesh Automated Clearing House (BACH) today (Monday).

Tarique Amin Bhuiyan, CIO of BRAC Bank Ltd disclosed this.

BACH is a Project of Bangladesh Bank funded by the Department For International Development (DFID) of the Government of the United Kingdom to facilitate payment systems in a cost effective manner where Cheques and other remittance instruments (Pay Order and Demand Draft) will be electronically processed.

Customers can expect faster transactions in their accounts resulting from the automated clearing.

BRAC Bank Ltd - being the largest and most technologically prepared network of banking outlets - has been short-listed by the Bangladesh Bank for the BACH project to go live as a pilot basis.

BRAC bank has been keeping the pace of developments to meet up the deadline of Bangladesh Bank.

One of the mandatory elements of this automated clearing has been a special design and printing format for cheques together with few system requirements at bank's online transaction technology end. BRAC Bank also was one of the first few banks which were approved for complying with these requirements.

Mr A.E.A Muhaimen, Managing Director of BRAC Bank mentioned: "This will not only require specific technology, but also will need a capacity of handling the projected volumes of the entire bank. BRAC Bank is fully ready for the handling of this large volume already."

It is to be also mentioned here that BRAC bank's BACH solution, provided by Newgen Software Technologies Ltd., India, supports all of the BACH's technical and functional aspects.

All integration between BRAC Bank's core banking solution and Newgen has already been completed , sources said.