Bangladesh Electronic Funds Transfer Network

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Bangladesh Electronic Fund Transfer Network (BEFTN) is a Bangladeshi electronic fund transfer network between banks within Bangladesh. [1] Its main purpose is to transfer funds between bank accounts. [2] The network can settle debit and credits. Salary, bill, dividend, interest could be paid through the system.

History

The network was established in 2011(14 years ago). [3]

From November 2023, fund transfer of Bangladesh Automated Clearing House (BACH) was to be accomplished through Nikash-BEFTN. [4] [5] [6]

References

  1. ↑ Payment and Settlement Systems — Bangladesh Bank
  2. ↑ Bangladesh Electronic Fund Transfer Network — Bangladesh Bank
  3. ↑ "Payment and Settlement Systems". Bangladesh Bank. Retrieved July 9, 2024.
  4. ↑ "Electronic fund transfers thru Nikash-BEFTN software from November 12". The Daily Star. 2023-11-09. Retrieved 2024-04-16.
  5. ↑ নিকাশ-বিইএফটিএন ইলেকট্রনিক ফান্ড ট্রান্সফার শুরু. Jagonews24 (in Bengali). 2023-11-13. Retrieved 2024-04-16.
  6. ↑ "Long wait for poor to get cash set to end with new fund transfer software". The Business Standard. 2022-01-31. Retrieved 2024-04-16.
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