Md Iqbal Hossain

Prime Bank Ltd is set to launch a new internet banking software, Altitude today (Thursday) embarking on a local version of the product saving as much as a whopping 90 per cent cost.

Altitude will not only reduce cost to the maximum level, it will also help spur robust business growth of the Bank through providing prompt and hassle-free services to the customers, Prime Bank officials said.

"We are going to launch the new product, first of its kind in the country using 'two factor authentication', a fool-proof security on the transactions," Md Iqbal Hossain, executive vice president & head of information technology of Prime Bank told The Financial Express Wednesday in an interview.

Explaining the 'two factor authentication' system, he said a unique code through mobile phones will be sent to the users ahead of the final settlement for ensuring the security of the transactions.

"The code will be changed frequently to ensure the security of the transactions," Mr Iqbal said.

Prime Bank will use Bangladesh Automated Clearing House (BACH) and Bangladesh Electronic Fund Transaction Network (BEFTN) of Bangladesh Bank to use the new system.

Prime Bank was using Temenos, a Swiss-based banking software during the last few years riding on a huge cost.

"We first introduced internet banking three years back, but from today the Temenos will be discontinued through a new local version having some new and unique facilities including fund transfer option," the Prime Bank head of IT said.

He said once implemented fully, the new system will reduce 80 per cent personal interaction with the Banks.

The savings, current, SND and SOD account-holders of Prime Bank are now eligible to use the latest facility.

The latest service offers real-time fund transfer between own accounts of Prime Bank, real-time intra-Bank fund transfer to third party beneficiary accounts, fastest inter-Bank fund transfer through BEFTN, utility bill payment, credit card bill payment, balance enquiry, FDR and scheme information, loan information, transaction search and statement download.

Financial Express/Bangladesh/ 15th March 2012