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.