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Joy opens interoperable transaction platform 'Binimoy'

Joy opens interoperable transaction platform 'Binimoy'

Prime Minister's ICT Affairs Adviser Sajeeb Wazed Joy on Sunday (Nov 13) formally inaugurated 'Binimoy', an Interoperable Digital Transaction Platform (IDTP), at a city hotel. State Minister for ICT Zunaid Ahmed Palak and ICT Division Senior Secretary NM Zeaul Alam addressed as the special guests at the inaugural function in the morning. Bangladesh Bank Governor Abdur Rouf Talukder presided over the session. BB Director Mezbaul Haque gave a presentation explaining the features of the platform, local media reported.

'Binimoy' is a breakthrough platform for establishing digital financial transactions, which is a timely initiative among the far-reaching steps taken by the government to build a digital Bangladesh initiative, said a press release.

In recent years, the government has taken steps to make all bank, MFS operator and PSP accounts interoperable. It will facilitate transactions between consumers, merchants, PSPs, e-wallets, banks, financial institutions, government agencies and private organizations.

Binimoy will make all forms of financial transactions cost-effective, simple and transparent, including the payment of employee wages, the sending of remittances, the payment of taxes/VAT, the payment of utility bills and e-commerce transactions.

Binimoy is a web-based platform that will be integrated as a service into the apps of banks, mobile financial services and payment system providers.

Velwire Limited, Microsoft Bangladesh, and Orion Informatics Limited collaborated on the development of the platform as part of the Innovation and Entrepreneurship Development Academy (IDEA) programme of the ICT Division and Bangladesh Bank.

Velwire Limited will uphold the responsibilities of Binimoy platform.

Bangladesh Bank in a notice last Thursday issued guidelines regarding the cost of IDTP. As mentioned, sending money from bKash to Rocket will cost Tk 5 (per thousand). And sending money from MFS services (bKash, Rocket etc.) to the bank (per thousand) will cost Tk 10. On the other hand, sending money from MFS to Payment Service Provider (PSP) account will cost Tk 5 per thousand.

It further informed that transactions on the platform will be available from Monday (Nov 14).