Dhaka, Bangladesh, BRAC Bank Limited was the first bank to go live with the El Dorado Remittance and Payment System in Bangladesh with 4 other banks.
El Dorado, Bangladesh’s National Switch connecting multiple banks went live this month. Running on Interblocks’s iSwitch application, the solution will facilitate the US$ 9.5 billion in remittances expected during the current fiscal year.
This unified remittance platform for commercial banks will enable service delivery at a reduced cost thus providing a more viable and secure option for expatriate Bangladeshi’s for remitting money home. This project will also be a valuable step towards enabling the government’s anti-money laundering drive.
“The unified private platform of commercial banks will facilitate service at a reduced cost and decrease the tendency to use informal channels to remit”, UNB (United News of Bangladesh) quoted Dr. Atiur Rahman, Governor, Bangladesh Bank in a report post-launch.
BRAC Bank Managing Director and CEO Mr. A.E.A. Muhaimen said that this platform will result in more accurate monitoring and tracking of the inflow of funds into the Economy. “The key target of the project would be the creation of a common private remittance payment platform in the country”, he mentioned.
Dinesh Rodrigo, CEO of Interblocks said, “The commitment of all parties involved in the project ensured a smooth implementation with the project going live on time, this was an impressive achievement for a nationwide project such as this.”
The solution will provide banks with higher operational efficiencies as well as the flexibility and technical capabilities to provide new products and solutions to clients with a faster time to market.