A contract to create a common platform for the country's commercial banks for electronic payments was signed at the premises of Bangladesh Bank recently.

The deal will implement the National Payment Switch (NPS) under the Central Bank Strengthening Project of the World Bank.

The switch will connect all child switches already in place in the private sector, including the mobile operator switches and the internet banking solutions of the banks enabling banks inter-bank mobile and internet banking transactions respectively.

The 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.

The Daily Star/Bangladesh/ 10th Feb 2012