Nikash-BEFTN software in Bangladesh

Commercial banks will be able to conduct instant money transactions under their own management. Therefore, on Sunday (November 12), Bangladesh Bank has officially started the electronic fund transfer program through Nikash-BEFTN, which was developed in its own capacity.

In this regard, Bangladesh Bank Executive Director and Spokesperson Md. Majbaul Haque said that earlier BEFTN activities were conducted through a private organization. From now on Bangladesh Bank’s own system of fund transfer has started.

Till now all government payments including salaries and pensions of government officials were settled using BEFTN in two sessions. Now the settlement will be completed in three daily sessions through Nikash-BEFTN developed in its own capacity.

Earlier on Wednesday (November 8),2023 Bangladesh Bank’s Payment Systems Department (PSD) announced in a circular that from Sunday (November 12), electronic fund transfer activities will be done through Nikash-BEFTN software instead of Bangladesh Automated Clearing House (BACH) EFT Clearing and Settlement System. The Central Bank also informed that the transaction in local currency will be conducted in three sessions.

Session-1 will be conducted from 12:00 PM to 11:59:59 AM.

Session-2 will be conducted from 12:00 PM to 2:59:59 PM. And

Session-3 will be conducted from 3 pm to 11 pm 59 minutes 59 seconds.

According to Bangladesh Bank disclosure, credit and debit transactions should be presented through separate files i.e. same file without including both types of transactions. In case of debit and credit transactions, the return process should be completed within two sessions after EFT settlement.

In order to successfully complete the official process of Nikash-BEFTN last Friday (November 10) and Saturday (November 11) the concerned officials involved in EFT processing activities of scheduled banks were instructed to attend the office as required.

The circular also said that the last date for sending EFT outward returns of current batch (BACH) in BEFTN system is till 12 midnight on November 9. All participating scheduled banks are directed to send all their outstanding EFT outward returns to the existing BEFTN system during this period. And the time for sending EFT outwards in the current BEFTN system ended on November 9 at 2 pm.

BFTN’s renovation

The new software, proposed to be named Nikash, is being developed by renovating the Bangladesh Electronic Fund Transfer Network (BEFTN) software.

Seeing the huge success of GeTPH, the Bangladesh Bank was looking forward to renovating the BEFTN and turned to its supervisory firm. However, the company demanded $1.2 million as renovation fee, prompting the central bank to look for alternatives.

Then the engineers of the central bank took the challenges of the renovation as an opportunity and finally they are on the way to success.

Introduction to Nikash-BEFTN Software

In the digital era, the banking sector in Bangladesh has seen significant advancements. One such innovation making waves is Nikash-BEFTN software. But what exactly is it, and why is it gaining popularity? Let’s dive in!

What is BEFTN?

BEFTN stands for Bangladesh Electronic Fund Transfer Network. It’s a system that facilitates electronic transfers between banks in Bangladesh, streamlining the transaction process and making it more efficient.

The Evolution of Nikash in Bangladesh

Nikash has evolved from a simple banking tool to a comprehensive software solution tailored for the Bangladesh market.

Importance of Nikash-BEFTN in Banking

The integration of Nikash-BEFTN software has revolutionized the banking sector in Bangladesh. It has bridged the gap between traditional banking and modern technology.

Features of Nikash-BEFTN Software

User-friendly Interface

One of the standout features of Nikash-BEFTN software is its user-friendly interface, making it easy for both bank employees and customers to navigate.

Security Measures

In an era where cyber threats are rampant, Nikash-BEFTN prioritizes security, ensuring that transactions are safe and secure.

Integration Capabilities

Nikash-BEFTN can seamlessly integrate with other banking systems, enhancing its functionality and adaptability.

Benefits of Using Nikash-BEFTN Software

Time Efficiency

With Nikash-BEFTN, transactions that used to take hours can now be completed in minutes, saving both time and effort.

Cost-effectiveness

By automating many banking processes, Nikash-BEFTN helps banks save on operational costs.

Accuracy in Transactions

Manual errors can be costly in banking. Nikash-BEFTN minimizes these errors, ensuring accurate and reliable transactions.

How to Implement Nikash-BEFTN in Your Business

Implementing Nikash-BEFTN in your business is straightforward and hassle-free.

Steps to Get Started

1. Step 1: Assess Your Needs
2. Step 2: Choose the Right Package
3. Step 3: Installation and Setup

Training and Support

To ensure a smooth transition, Nikash-BEFTN offers comprehensive training and support to its clients.

Customization Options

Every business is unique, and Nikash-BEFTN understands that. They offer customization options to tailor the software to your specific needs.

Conclusion

The future of banking in Bangladesh looks promising with innovations like Nikash-BEFTN software leading the way. Embracing this technology can revolutionize the way banks operate, making transactions faster, safer, and more efficient.

FAQs

1. What is Nikash-BEFTN software? Nikash-BEFTN is a software solution tailored for the Bangladesh banking sector, facilitating electronic fund transfers and enhancing banking operations.
2. Is Nikash-BEFTN secure? Yes, Nikash-BEFTN prioritizes security, implementing robust measures to ensure safe and secure transactions.
3. How can I implement Nikash-BEFTN in my business? Implementing Nikash-BEFTN is straightforward. Assess your needs, choose the right package, and follow the installation and setup process.
4. What are the benefits of using Nikash-BEFTN? Nikash-BEFTN offers benefits like time efficiency, cost-effectiveness, and accuracy in transactions, making banking operations smoother and more efficient.
5. Is there support available for Nikash-BEFTN users? Yes, Nikash-BEFTN offers comprehensive training and support to its clients, ensuring a smooth transition and optimal use of the software.