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Wednesday, July 6, 2022

BB and ICTD plan to implement ‘Interoperable Digital Transaction Platform’

With the aim of implementing an “Interoperable Digital Transaction Platform (IDTP)” and accelerating country’s fintech and digital financial inclusion, a memorendum of understanding has been signed between ICT Division and Bangladesh Bank (BB) at ICT office recently.

ICT State Minister Zunaid Ahmed Palak was present during the signing ceremony.

BB General Manager from Payment Systems Division Md. Mezbaul Haque and Additional Secretary and the Director of iDEA Project Syed Mojibul Huq have signed on behalf of ICT Division.

In order to launch e-payment and mobile payments in all areas in the light of the “National ICT Policy 2018”, implementation of “Interoperable Digital Transaction Platform (IDTP)” is required to ensure interoperability, transaction validation, seamless fund routing and security. If it is implemented successfully, the financial inclusion will be ensured which will also help to establish cashless society, above all, to prevent financial fraud, money laundering, terrorism financing and other economic crimes.

The initiative was taken to create this platform through the “Innovation Design and Entrepreneurship Academy (iDEA) of Bangladesh Computer Council under the ICT Division to ensure mutual interchangeability, low cost, security and transparency in digital economic transactions.

This is a platform service and its Application Programming Interface (API) will be used by fintech organizations to make financial transactions, transfers, e-commerce, M-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services. IDTP will create a bridge of transactions between various payment service participants, such as customers, merchants, payment and receivables, payment processors, e-wallets, banks and financial institutions, payment system operators and non-governmental organizations.

The deputy governor of Bangladesh Bank Ahmed Jamal and the senior secretary of ICT Division Mr. N M Zeaul Alam were present there with other senior officials from various organizations including ICT Division, Bangladesh Bank, Bangladesh Computer Council, iDEA project.

 

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