The central bank has launched an automated clearing house in Barisal yesterday for faster settlement of transactions and payment systems as part of its move to digitalise the banking system.
Twenty-six branches of scheduled banks in Barisal came under the online system of Bangladesh Automated Clearing House (BACH) at Bangladesh Bank (BB).
The system is expected to reduce the settlement time significantly -- from three days to only two hours.
"We moved one step ahead of many other countries by introducing BACH," said BB Deputy Governor Murshid Kuli Khan, who was the chief guest at the inauguration ceremony.
The UK Department for International Development (DFID) funded $8.5 million to implement the BACH.
He said the new BACH system will mainly benefit the business firms and the remittance earners
Under the new automated system, banks will not need to send their cheques physically to the clearing house. They can do it online using machine readable cheques.
However, the banks can also drop their cheques at the BACH where the machine can take image and data of 300 cheques per minute.
Source: The Daily Star (May 9, 2011)
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