Bank & Insurance

BB signs MOU with ICT division to implement IDTP

Published : 23 Dec 2019 08:50 PM | Updated : 07 Sep 2020 09:07 PM

ICT Division and Bangladesh Bank signed a memorandum of understanding (MoU) to ensure mutual interchangeability, low cost, security and transparency in digital economic transactions, officials said.  

They said the MoU has signed on Monday with the aim of implementing an “Interoperable Digital Transaction Platform (IDTP)” between ICT Division and Bangladesh Bank to accelerate FinTech and Digital Financial Inclusion. 

The MOU was signed in the presence of Hon'ble State Minister of ICT Division Zunaid Ahmed Palak at the office of ICT Division at ICT Tower in the city.

Md Mezbaul Haque, General Manager of the Payment Systems Division of Bangladesh Bank and Syed Mojibul Huq, Additional Secretary and the Director of iDEA Project have signed on behalf of ICT Division.

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

If it is implemented successfully, the financial inclusion will be ensured which will also help to establish cashless society, above all, to prevent financial fraud, money laundering, terrorism financing and other economic crimes, they informed.

They said 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 fintech organizations to make financial transactions, transfers, e-commerce, M-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services. 

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 organizations. 

The deputy governor of Bangladesh Bank Mr. Ahmed Jamal and the senior secretary of ICT Division Mr. N M Zeaul Alam were also attended at the signing ceremony program. 

Senior officials from various organizations including ICT Division, Bangladesh Bank, Bangladesh Computer Council, iDEA project were also attended at the program.