Nikash-BEFTN is a new software system that will revolutionize the way electronic fund transfers (EFTs) are carried out in Bangladesh. The system is being developed by Bangladesh Automated Clearing House (BACH) and is scheduled to be launched on November 12, 2023. From now on, local currency electronic fund transfers will be carried out through the Nikash-BEFTN software of the Bangladesh Automated Clearing House (BACH).
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Operation of Nikash-BEFTN:
According to the central bank circular, under this new software system, the credit and debit transactions will be performed separately, and the return process will be completed within the subsequent two sessions of an EFT settlement.
Unlike BEFTN, launched in 2011, which was the first paperless interbank funds transfer system in the country, it facilitates both credit and debit transactions. NIKASH-BEFTN will handle various credit transfers, including payroll, foreign and domestic remittances, social security payments, company dividends, bill payments, corporate payments, government tax payments, and person-to-person payments. Additionally, it accommodates debit transactions such as utility bill payments, insurance premium payments, club or association payments, and equated monthly installment (EMI) payments.
Nikash-BEFTN transaction sessions:
The transactions in the local currency will be processed in three sessions:
| Sessions | Operating Schedule |
|---|---|
| Session-1 | 12 am to 11:59 am |
| Session-2 | 12 pm to 2:59 pm |
| Session-3 | 3 pm to 11:59 pm |
Advantages of Nikash-BEFTN:
Nikash-BEFTN will offer a few advantages over the existing BEFTN system, including:
Faster and more efficient EFTs: Nikash-BEFTN will use a real-time gross settlement system (RTGS), which means that EFTs will be processed and settled immediately. The new system will be a significant improvement over the current batch processing system, which can take several hours to resolve EFTs.
Lower Charges: Nikash-BEFTN will have lower Charges than the current BEFTN system. This will make EFTs more affordable for businesses and individuals.
Increased security: Nikash-BEFTN will use the latest security technologies to protect EFTs from fraud and cybercrime.
More features and functionality: Nikash-BEFTN will offer a few new features and functionality, such as the ability to schedule EFTs in advance and to track the status of EFTs in real-time.
Nikash-BEFTN is expected to have a significant impact on the Bangladeshi economy. By making EFTs faster, more efficient, and more affordable, Nikash-BEFTN will boost economic activity and promote financial inclusion.
How Nikash-BEFTN Will Change the Way We Do Business
Nikash-BEFTN will have a significant impact on the way businesses in Bangladesh operate. With Nikash-BEFTN, companies will be able to make payments more quickly and efficiently than ever before. This will improve cash flow and reduce costs.
Nikash-BEFTN will also make it easier for businesses to expand into new markets. With Nikash-BEFTN, businesses can easily transfer money to suppliers and customers in other parts of Bangladesh. As a result, businesses will be able to create more jobs and to maintain its sustainability.
Nikash-BEFTN for Individuals
Nikash-BEFTN will also have a significant impact on the way individuals in Bangladesh manage their finances. With Nikash-BEFTN, individuals will be able to send and receive money from friends and family members instantly. This will make it easier for individuals to support their loved ones and to pay for goods and services.
Nikash-BEFTN will also make it easier for individuals to save and invest their money. With Nikash-BEFTN, individuals can quickly transfer money to their savings accounts and investment accounts. This will help individuals to achieve their financial goals.
The Future of Nikash-BEFTN
Nikash-BEFTN is a significant step forward for the Bangladeshi financial system. The system is expected to have a substantial impact on the Bangladeshi economy and to improve the lives of businesses and individuals alike.
In the future, Nikash-BEFTN is expected to be integrated with other payment systems, such as mobile financial services and point-of-sale (POS) terminals. This will make it even easier for businesses and individuals to make and receive payments.
Nikash-BEFTN is also expected to be used for new types of payments, such as government-to-person (G2P) payments and person-to-person (P2P) payments. This will further expand the reach and impact of the system.
Conclusion
Nikash-BEFTN is a new and innovative software system that is poised to revolutionize the way electronic fund transfers are carried out in Bangladesh. The system is expected to have a significant impact on the Bangladeshi economy and to improve the lives of businesses and individuals alike.
BB Circular on NIKASH-BEFTN: 👉CLICK HERE