Binimoy, an Interoperable Digital Transaction Platform (IDTP), will allow instant money transfers between banks, mobile financial services (MFS) operators, and payment service providers (PSPs).
Information and Communication Technology (ICT) Adviser to Prime Minister Sheikh Hasina Sajeeb Wazed Joy will inaugurate the initiative on Sunday.
Dhaka Tribune: How will people benefit from Binimoy?
Zunaid Ahmed Palak: People will get instant access to all types of payment service providers through Binimoy.
It will give them the freedom to complete financial transactions through any payment gateway. Customers, financial institutions, merchants, government agencies and other payment service providers can operate 24/7 real-time transactions through this system.
Binimoy can lead to revolutionary changes in various public and private services, such as tax submission, bus-train-air ticket purchase, road and bridge toll collection, e-commerce operations and more.
Binimoy will reduce transaction costs, increase efficiency and speed up financial transactions.
This platform will also prevent financial crimes because the exchange authorization standards used in Binimoy will verify each transaction and develop patterns analysis, thereby making it more difficult to launder money, finance terror and evade tax.
Offering a cashless interoperable payment mechanism, Binimoy will boost the e-commerce sector as well.
The exchange system allows customers to transact using virtual IDs instead of their account numbers. Due to the virtual ID, the customer's account number will be anonymous and secure.
What kind of payment services will be covered?
Banks, PSPs, and MFS operators will be covered under this platform. A number of non-bank financial institutions and fintech companies have benefited from technological advances in recent years, and are now offering payment services and other banking services.
Binimoy will connect all banks, MSF providers, and payment services of the country and ensure interoperability of transactions between different payment service providers.
Money can be transferred instantly from one bank account to another bank or PSP/MFS wallet through Binimoy. Similarly, money can be sent from one PSP/MFS wallet to another PSP/MFS or bank account.
Will this initiative play a role in building a better or digital Bangladesh?
Binimoy will help establish a cashless society as well as promote financial inclusion. Streamlining digital payments through Binimoy will improve financial efficiency, increase transparency and reduce inconveniences to citizens, including fraud transactions.
It will play an important role in the socio-economic progress of the country and will help realize the dream of Digital Bangladesh.
Dependence on any specific finance channel will decrease through Binimoy, which will play a pioneering role in Digital Bangladesh.
This initiative was taken earlier, but was not effective. How sustainable do you think this initiative will be?
Previously, there was an opportunity for banks to conduct inter-bank transactions in the country, but there was no infrastructure to facilitate inter-transactions between the financial service providers and banks. But, using the Binimoy platform, customers will feel more comfortable in carrying out transactions compared to other existing payment service platforms in the country. In the future, the interoperable digital platform Binimoy will be one of the leading payment service platforms in the country.
