Interoperable digital transaction platform Binimoy to be launched Sunday
The platform will facilitate money transfer across MFSs and banks
Binimoy, an Interoperable Digital Transaction Platform (IDTP), is all set for launch Sunday which will enable money transactions across mobile financial services (MFSs) and banks.
Prime Minister's IT Advisor Sajeeb Wazed Joy will inaugurate the platform at the Radisson Blu in the capital.
Customers will be able to transact money easily from banks to mobile banking services and vice versa through Binimoy, said officials at Innovation Design and Entrepreneurship Academy (IDEA) of ICT Division that developed the platform.
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They said that Binimoy would act as a bridge for transactions among consumers, merchants, PSPs, e-wallets, banks, financial institutions, government, and private institutions.
Md Altaf Hossain, project director at Idea, said this platform is going to be another milestone in the digital transaction sector of the country.
bKash and Rocket, two MFS operators in the country, already started the service on 6 November.
bKash authorities said that this platform will increase the customers' freedom by easing the financial transactions.
"bKash has been working closely with the implementation of Interoperable Digital Transaction Platform (IDTP) from the very beginning. It also participated in the pilot project of the IDTP successfully," Shamsuddin Haider Dalim, head of corporate communications, bKash.
"We believe this technological integration initiative of Bangladesh Bank and the government's ICT Division will empower the customers and give more freedom in financial transactions," he added.
Until last Sunday, money transactions were not possible between the MFSs despite a demand for an interoperable system.
In face of the demand of the customers and the industry, the Idea project of the ICT Division and Bangladesh Bank jointly initiated to create the platform.
Idea has followed India's United Payment Interface (UPI) as a model for developing Binimoy at a cost of Tk65 crore.
Orion Informatics Limited, Microsoft Bangladesh Limited, Fintech Solutions Limited and Sain Ventures Limited (JV) contributed in developing the platform.
Customers need to register first to use this web based platform. Once the registration is completed, an ID will be provided to the customer.
According to Bangladesh Bank sources, it will cost Tk5 to send Tk1,000 from bKash to Rocket. Sending the same amount of money from MFSs to banks will cost Tk10.
On the other hand, sending money from MFSs to Payment Service Provider (PSP) accounts will cost Tk5 per thousand taka. Bangladesh Bank issued a notification regarding this on Thursday (10 November).
