RTGS service almost to launched

RTGS is an advanced technology that ensure the interbank transaction faster and secure than ever and we happy that we are almost there to offer this service to our country soon expecting by October 8,2015 – said Mr. Subhankar saha, Executive Director , Bangladesh Bank while he was addressing the seminar as chief gust . The seminar was on” Real Time Gross Settlement “ jointly organized by CTO forum Bangladesh and Bangladesh Bank that held today May 30 at hotel Purbani, Dhaka.

The Seminar was moderated by Tapan kanti Sarkar, Prisident , CTO forum Bangladesh.The keynote speech was delivered by Mr. Khandakar Ali Kamran Al Zahid, Deputy Director Bangladesh Bank. A real time payment solution software was demonstrated by md. Sakhawatul Islam,General Manager, Software Development flora limited.

Mr. K.M. Abdul Wadood, General Manager PSD Bangladesh Bank & Mostafa Shamsul Islam, Managing Director, Flora Limited were also present at the seminar as special guest .

Banking service has been developed a lot to be with trend, and RTGS is the latest one of it. it is such a service to settle your transaction on one to one basis without bundling or netting with any other transaction. To introduce a new technology in transaction is a challenges specially when you have to maintain the liquid money instantly. But Problem need to be discussed, addressed and try to mitigate as it is the process to develop. So this discussion will contribute the community to address the problem…..added Mr. Saha.

RTGS infrastructure has almost done, Bangladesh Bank order the banks to do all the necessary infrastructure by June 30. ADB has been supporting this project financially – he also added

In his keynote speech Mr. Zahid describe how RTGS work and it will help the digital business providing a real time gross transaction. It enhance the B2B transaction along with the other general transaction.

At the seminar CTO forum Bangladesh president Mr. Tapan kanti Sarker said that It will enable instant settlement of high value local currency transactions as well as government securities and foreign currency based transactions. In RTGS or large-value funds transfer system, the transmission and processing of payment messages are typically automated or electronic, while settlement takes place in central bank funds As it offering the faster movements of fund and securities definitely it will enhance the business that contribute the GDP.

The panelist were discussed on the different advantage of the service along with challenges that need to mitigate to make the service a success. They also discussed the technical issues including software and securities. The number of technical officers from different financial institutes were participated the Q/A session along with the media.

The RTGS is an advance technology in digital banking which is a interbank electronic credit transfer system where transfer of fund and security take place from one bank to another on a real time and gross basis.

Among the others Mr Dr. Ijazul Hoque, Treasurer, CTO forum Bangladesh, Mr. S M Rezaul Karim, Deputy General Manager Payment System Department Bangladesh Bank Mr. S.M. Mainuddin Chowdhury, Deputy Managing Director, South East Bank Ltd , Mr Shah Alam Patwary, EVP and CIO, Mutual Trust Bank Ltd,. Mr. Md Rahat Uddin, Senior System Analyst Bangladesh Bank, Mr. Himadri Shekhar Sardar & Mr. Md. MashiUzzaman System Analyst Bangladesh Bank were participated the seminar as panel discussant.