BRAC Bank Monday launched Internet Banking service that can be custom tailored for its corporate clients to enable them to effect wide array of transactions just by a click over Internet that will speed up business operations.

This is the first such service among private local banks in Bangladesh for corporate entities that facilitates payment services through fund transfer, bulk payment including salary disbursement, standing instruction set up within BRAC Bank network. BRAC Bank has plans to expand the service so that companies can send L/C requests. Once Bangladesh Electronic Fund Transfer Network (BEFTN) integration is up this payment services will be expanded for domestic transfers within banking group network.

With BRAC Bank Internet Banking, companies can set up automatic bill payments, initiate future dated transactions apart from getting account statement, transaction history and viewing pending and rejected transactions. In coming days, the companies will also view summary of outstanding L/Cs and Bills with amounts in preferred currency.

BRAC Bank Internet Banking is fully safe and secure as globally used technology of two factor authentication - OTP (One Time Password) is deployed that generates random passwords for each transaction.

Ms Nazneen Sultana, Deputy Governor, Bangladesh Bank, formally launched the service at a program at a city hotel in the city Monday. Mr Syed Mahbubur Rahman, Managing Director & CEO; Mr Mahmoodun Nabi Chowdhury, Head of Corporate Banking; and senior officials of BRAC Bank Limited attended the programme.

Mrs. Nazneen Sultana, Deputy Governor, Bangladesh Bank, lauded BRAC Bank for initiating the IT-enabled service for business entities for smooth and speedy business transactions.

Mr. Syed Mahbubur Rahman, Managing Director & CEO; BRAC Bank, said, "Corporate houses can now bank with us at anytime from any place. They do not need to wait for Sunday morning for cheque encashment to party. They can do it even on weekend's right from a computer at any place. It will definitely bring new dynamism to their business operations and productivity."

"As a tech-savvy bank, BRAC Bank always comes forward with new technology for smart and smooth services to the clients. This pioneering service shows our strong commitment to introduce modern banking services to cater to modern day needs of business entities," he continued.

News: The Daily Financial Express/Bangladesh/30-Sep-12