MoU signed between ICT Division, BB to implement IDTP

FT ONLINE

A Memorandum of Understanding (MoU), aiming to implement an “Interoperable Digital Transaction Platform (IDTP)”, was signed between ICT Division and Bangladesh Bank(BB) to accelerate FinTech and Digital Financial Inclusion.

The MoU was signed in the presence of State Minister for ICT Division Zunaid Ahmed Palak at ICT Tower in the city on Monday.

Md. Mezbaul Haque, general manager of the Payment Systems Division of the BB and Syed Mojibul Huq, an additional secretary & the director of the iDEA Project signed on behalf of the ICT Division.

The Deputy Governor of the BB Ahmed Jamal and the Senior Secretary of ICT Division N M Zeaul Alam were also attended at the signing ceremony.

In order to launch e-payment and mobile payments in all areas in the light of the “National ICT Policy 2018”, implementation of the “Interoperable Digital Transaction Platform (IDTP)” is required to ensure interoperability, transaction validation, seamless fund routing and security.

If it is implemented successfully, financial inclusion will be ensured which will also help to establish a 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 fin-tech organisations to make financial transactions, transfers, e-commerce, M-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services.

The 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 organisations.

Senior officials from various organisations including ICT Division, Bangladesh Bank, Bangladesh Computer Council, iDEA project also attended the programme.