Bangladesh Bank has set a guideline for settling disputes between the ATM (automated teller machine) cardholders and issuers to ensure development, safety, efficiency and regulation of the payment system in the country.
All the banks attached to the National Payment Switch Bangladesh (NPSB) will initiate a dispute resolving process after submission of a claim with valid documents, according to a Bangladesh Bank circular issued yesterday.
“Disputes may arise when cardholders claim that they are unable to execute a specific transaction or fail to receive the services as committed, said the BB guideline titled “NPSB Switch Operating Rules and User Manual: Dispute Management Rules”.
According to the guideline, the settlement team at NPSB, which will handle all the disputes of the member banks, will store dispute details and its staff might investigate on the alleged transactions.
NPSB will be responsible for monitoring dispute time frames, fulfillment, fee collections and arbitration requests.
An issuer (who issues card) and Acquirer (who have ATM booth) can communicate urgent fraud-related transaction information to each other via NPSB online Urgent Investigation Request (UIR) system.
An acquirer, who fails to respond to any UIR initiated by an issuer within a 72-hour period, will be considered as valid transaction. So, acquire must check the UIR on a daily basis to ensure a timely response against the requests, said the guideline.
Issuers have to report all of their confirmed fraud activity to NPSB by next working day immediately after the verification, according to the guideline.
“The arbitration process will start whenever both the issuers and the acquirers fail to resolve the claim.”
