The financial interoperability system will allow clients to transfer their funds from their MFS accounts to another MFS, and also bank accounts
The Bangladesh Bank on Thursday instructed banks and mobile financial service (MFS) operators to help clients in enabling their fund transfer between the financial organizations by March 31 next year.
In a circular issued on the day, the central bank said the concerned financial entities which successfully completed the pilot interoperabilty project earlier could proceed with the financial interoperability system from October 28.
Those who did not complete the pilot test will have to undertake it and go live by March 31, 2021, the circular added.
The financial interoperability system will allow clients to transfer their funds from their MFS accounts to another MFS, and also bank accounts.
The system will also enable them to transfer funds between various MFS operators.
The National Payment Switch Bangladesh (NPSB) shall facilitate the service, which enables inter-bank fund transfers.
As per the notice, clients will have to pay a maximum of 0.80% of their transferred amount from one MFS provider to another.
For banks to MFS, the amount will be 0.45% per transaction.