PSD Circular Letter No. 06: Clearing and Settlement of Electronic Funds Transfer (EFT) through Nikash-BEFTN

50119
PSD Circular Letter No. 06/2023
Managing Director/Head of Department
All Scheduled Banks operating in Bangladesh

Dear Sir,

You are aware that from the upcoming date of 12/11/2023, the Electronic Funds Transfer (EFT) program will be conducted through the new Nikash-BEFTN software. In this regard, you are requested to take necessary arrangements regarding the following matters:

1. New Nikash-BEFTN System Schedule
   The Nikash-BEFTN system will operate in 3 (three) sessions per day according to the schedule:

Session Schedule
Session-1: From 12:00:00 hours at night to 11:59:59 hours in the morning Session-2: From 12:00:00 hours at noon to 02:59:59 hours at noon Session-3: From 03:00:00 hours in the afternoon to 11:59:59 hours at night

2. Submission of Debit and Credit Transactions
   Debit and credit transactions must be submitted in separate individual files, i.e., both types of transactions should not be included in the same file. Settlement of EFT transactions in the case of credit transactions will occur after the subsequent 2 (two) sessions.

3. Official Launch of Nikash-BEFTN
   To successfully complete the official launch (Ad-hoc) of Nikash-BEFTN, all scheduled banks must have their EFT processing staff present for the EFT processing program on the upcoming dates of 10/11/2023 and 11/11/2023 (Saturday).

4. Last Time for Sending EFT Transactions in the Current Nikash-BEFTN System
   The last time for sending EFT transactions in the current Nikash-BEFTN system will be 02:00:00 hours, i.e., up to the first session of 09/11/2023. No EFT transactions can be sent in the current Nikash-BEFTN system after 02:00:00 hours on 09/11/2023.

5. Last Time for Receiving EFT Transactions in the Current Nikash-BEFTN System
   The last time for receiving EFT transactions in the current Nikash-BEFTN system will be up to 12:00:00 hours at night. All participating scheduled banks must complete the receiving of transactions during the specified time. All pending EFT transactions will be carried forward.

Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Bangladesh.

Date: 23 Kartik 1430
08 November 2023

Managing Director/Head of Department
All Scheduled Banks and Bangladesh Shomabay Bank Limited

Regarding the context of conducting Electronic Funds Transfer (EFT) clearing and settlement of the Automated Clearing House (ACH) through Nikash-BEFTN.

From the upcoming date of 12/11/2023, the Electronic Funds Transfer program will be conducted through the new Nikash-BEFTN software.

In this regard, you are requested to take necessary arrangements:

From 12/11/2023, the following arrangements will be made for Electronic Funds Transfer (EFT) transactions:

Session Schedule
Session-1: From 12:00:00 hours at night to 11:59:59 hours in the morning Session-2: From 12:00:00 hours at noon to 02:59:59 hours at noon Session-3: From 03:00:00 hours in the afternoon to 11:59:59 hours at night

Debit and credit transactions must be submitted in separate individual files, i.e., both types of transactions should not be included in the same file. Settlement of EFT transactions in the case of credit transactions will occur after the subsequent 2 (two) sessions.

To successfully complete the official launch (Ad-hoc) of Nikash-BEFTN, all scheduled banks must have their EFT processing staff present for the EFT processing program on the upcoming dates of 10/11/2023 and 11/11/2023 (Saturday).

The last time for sending EFT transactions in the current Nikash-BEFTN system will be 02:00:00 hours, i.e., up to the first session of 09/11/2023. No EFT transactions can be sent in the current Nikash-BEFTN system after 02:00:00 hours on 09/11/2023.

The last time for receiving EFT transactions in the current Nikash-BEFTN system will be up to 12:00:00 hours at night. All participating scheduled banks must complete the receiving of transactions during the specified time. All pending EFT transactions will be carried forward.

Yours faithfully,

(Mohammad Shafiqul Imdad)
Additional Director
Settlement Systems Department
Phone: 9530053