WAY4 Platform Powers the National Payment Switch of Bangladesh
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 the 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.
Bangladesh Bank, the central bank and apex regulatory body for the country's monetary and financial system, was established in Dhaka as a body corporate vide the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972) with effect from 16th December 1971. At present it has nine offices located at Motijheel, Sadarghat, Chittagong, Khulna, Bogra, Rajshahi, Sylhet, Barisal, and Rangpur in Bangladesh; total manpower stood at 4926 (officials 3910, subordinate staff 1016) as on December 31, 2011. BB performs all the core functions of a typical monetary and financial sector regulator, and a number of other non-core functions.
Infotech Global Pte. Ltd., is a leading consulting firm and systems integrator of IT infrastructure for governments and enterprises in emerging economies. Their core expertise and extensive experience lies in the financial sector, as well as providing capital market solutions and eGovernment solutions. Within the capital markets space, Infotech has provided trading solutions, brokerage solutions as well as asset management solutions. They work extensively with projects funded by the World Bank, IDA, and ADM, and have successfully delivered solutions for projects such as Ghana Stock Exchange, Ghana Securities and Exchange, Bhutan Stock Exchange and eRegistration for the Registrar General‘s Department in Ghana. Infotech is focused on being a boutique systems integration company renowned for solutions that are tailored to their customers' requirements. In order to deliver the best possible solution and support to their clients and to be able to able to cover a wider touch point, they have offices in Singapore, Dubai, Ghana and Pakistan