Equipped with cutting edge technology, the newly launched platform for digital financial transactions, Binimoy, can put an end to any illegal transaction, currently used frequently to rob people who rely on mobile financial services (MFS), a spokesperson of the platform has said. In reference to the recent arrest of three fraudsters by law enforcers in Bogura, the official, on condition of anonymity, said Binimoy authority was the first to identify the location and tipped off law enforcers to track these swindlers. Such malpractices are common in Bangladesh and some fraud groups are doing their transactions using MFS gateways, he said, requesting Binimoy users to get in contact with prior monetary service providing organizations in case they encounter any kind of issue during registration or transaction. Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate, added the official. Read: Interoperable digital transaction platform Binimoy to be inaugurated Sunday Days back, a team of Criminal Investigation Department (CID) arrested three people from Bogura while stealing money of general MFS users, and several media outlets reported the incident. According to CID, the frauds used the Islami Bank CellFin app to infiltrate Binimoy and managed to steal Tk96.74 lakh from bKash. However, the prompt action by Binimoy has not been taken positively by a group who charges a pretty high amount against providing certain services. Other competitors present in the market cannot tolerate a safety insured cost-effective rate and dynamic service's arrival, the official added. Attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms, alleged the official. Launched weeks back, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, government and private institutions. Read: Binimoy: Interoperable Digital Transaction Platform could open a new horizon in money transfer People will be able to do all kinds of financial transactions securely, such as giving salary to workers, VAT / Tax, e-commerce transactions with clarity, by using Binimoy and this app is highly secured, because two factor authentication is mandatory to do each single transaction, according to a statement from Binimoy.

Binimoy, an interoperable digital transaction platform, will be launched Sunday and transactions through it will be available from the next day. Prime Minister's ICT Adviser Sajeeb Wazed Joy will inaugurate the breakthrough platform. Governor of Bangladesh Bank Abdur Rouf Talukder will preside over the session. In recent years, the government took steps to make all banks, mobile financial services, and PSP accounts interoperable. Read: Youths will take Bangladesh forward with merit, hard work and patriotism: Sajeeb Wazed It will facilitate transactions between consumers, merchants, PSPs, e-wallets, banks, financial institutions, government agencies, and private organizations, said a media statement on Saturday. 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. The web-based platform will be integrated as a service into the apps of banks, mobile financial services, and payment system providers. Read: Young Bangla celebrates the power of changemakers at the grassroots Velwire, Microsoft Bangladesh, and Orion Informatics collaborated on the development of the platform as part of the Innovation and Entrepreneurship Development Academy (IDEA) programme of the ICT Division and the Bangladesh Bank. Velwire will uphold the responsibilities of Binimoy. Bangladesh Bank in a notice Thursday issued guidelines regarding the cost of the interoperable digital transaction platform.    

One of the groundbreaking steps taken by the government to contribute towards Digital Bangladesh is the Interoperable Digital Transaction Platform (IDTP) called "Binimoy", enabling the instant transfer of money from one platform to another and vice versa within banks, mobile financial services (MFS) operators, and payment service providers (PSPs). Besides transparency, Binimoy will also ensure seamless, secure, and cashless transactions within the payment system, while reducing transaction costs, according to a press release. Read more: How to Buy Stocks: 10 Key Factors to Check The government has taken initiatives in recent years to make all accounts of banks, MFS operators, and PSPs interoperable. Binimoy will act as a bridge for transactions between consumers, merchants, PSPs, e-wallets, banks, financial institutions, government, and private institutions. It will make all types of financial transactions cost-effective, simple, and transparent, such as the disbursement of employees’ salaries, sending remittances, payment of taxes/VAT, payment of utility bills, and e-commerce related transactions. The Central Bank has already started a pilot project to implement IDTP where twelve banks, two PSPs, and three MFS operators are currently participating. The financial institutions have integrated the Binimoy platform into their mobile banking and digital payment platforms.  Read more: Digital infrastructure key to attracting more remittance through legal channels, speakers say Currently, users will be able to complete registration using the mobile apps of respective banks, MFS operators, and PSPs. This system is highly secure as two-factor authentication is required for each transaction. Users are requested to get in touch with the relevant banks, MFS operators, and PSPs, if they encounter any problems related to registration or transactions. The Binimoy platform will be officially launched On November 13, 2022. Prior to the platform's formal debut, a testing version has been released to the public to fix and address the problems that users and participating financial institutions are reporting in order to take preventive measures. The platform is still in its early stages and the registered financial institutions are working diligently as per the instructions from the central bank and the ICT Ministry. Binimoy will take the lead as a national payment gateway, ensuring users hassle-free, cost-effective, and secure transactions.