WAY4 software from OpenWay Group is chosen as a solid technical foundation for the National Payment Switch of Bangladesh. Early in 2012 Infotech Global Pte ltd., OpenWay's partner in Asia, signed the contract with Bangladesh Bank to carry out the implementation of the new infrastructure. The project has received funding and support from the World Bank.
"Infotech is proud to contribute to modernization of Bangladesh payment industry and to apply the industry's best practices to this project. At the moment our team is connecting the WAY4-based switching system to several banks and international payment schemes - VISA, MasterCard, and Amex," says Suresh Agarwal, Managing Director of Infotech Global Pte ltd.
The National Payment Switch (NPS) of Bangladesh is a part of the World Bank's "Central Bank Strengthening Project". Such projects serve to increase the transparency of internal and cross-border electronic payments, optimize all regulatory and supervisory procedures, and reduce related costs. Commercial banks having an ATM/POS/e-Payment Gateways/Mobile payment switches or being connected to any other shared switch network will be able to send inter-bank payment instructions to the NPS for clearing and settlement purpose.
© Finextra Research 2016