Regulatory Alerts2023-06-25
Added
PSD Circular No. 05: Ensuring uninterrupted ATM, POS, QR Code, Internet Banking, Online e-Payment Gateway and MFS during the Eid-ul-Azha vacation
The document instructs scheduled banks, mobile financial service providers, payment service providers, and payment system operators in Bangladesh to ensure uninterrupted transaction services via ATMs, POS, QR codes, internet banking, online e-payment gateways, and MFS during the Eid-ul-Azha holiday. It mandates specific operational measures including maintaining sufficient cash in ATMs and agent points, ensuring round-the-clock service availability, enforcing Two Factor Authentication for card-not-present transactions, and requiring receiving banks to instantly credit funds upon receipt of settlement reports with response code '85'. Additionally, institutions are required to implement robust security protocols, send instant SMS alerts for all transactions, conduct public awareness campaigns, provide continuous help line support, and strictly adhere to all previously issued circulars.
Payment Systems Department Bangladesh Bank Head Office Dhaka
11 Ashar, 1430 Date: ------------------- 25 June, 2023
PSD Circular No. 05/2023
Managing Director / Chief Executive Officer All Scheduled Banks operating in Bangladesh All Mobile Financial Service Providers / Payment Service Providers / Payment System Operators
Dear Sir,
Regarding ensuring uninterrupted transactions through Automated Teller Machine (ATM), Point of Sale (POS), QR Code, Internet Banking, Online e-Payment Gateway and Mobile Financial Services (MFS) on the occasion of Eid-ul-Azha.
In order to ensure uninterrupted transactions for customers through Automated Teller Machine (ATM), Point of Sale (POS), QR Code, Internet Banking, Online e-Payment Gateway and Mobile Financial Services (MFS) during the holy Eid-ul-Azha holidays, you are hereby directed to take the following measures:
i. In case of Automated Teller Machine (ATM): a) Ensure round-the-clock ATM services; b) Take steps to resolve any technical errors in ATMs at the earliest possible time; c) Ensure adequate supply of cash at ATM booths; d) Keep the maximum amount for a single transaction equal for both On-us and Off-Us withdrawals; e) Ensure constant vigilant presence of guards at ATM booths along with other security measures; f) Arrange for inspection of ATM booths by concerned bank officers as needed.
ii. In case of Point of Sale (POS), QR Code: a) Ensure round-the-clock POS and QR Code based transaction services; b) Create awareness among merchants and customers to prevent fraud.
iii. In case of Internet Banking and Online e-Payment Gateway: a) Ensure mandatory implementation of Two Factor Authentication (2FA) for transactions conducted via Account and "Card not Present" transactions based on cards in Online e-Payment Gateway; b) Upon receiving the Settlement Report containing response code '85', the receiving bank shall immediately credit the funds to the beneficiary customer's account on its own initiative.
iv. In case of Mobile Financial Services (MFS): a) All banks providing MFS or their subsidiary companies shall ensure uninterrupted transactions and adequate supply of cash at agent points.
v. Miscellaneous: a) Payment service providers shall take appropriate measures to ensure overall security of systems under the above services and to handle risks during the Eid holiday period; b) Customers shall be informed instantly about transactions of any amount under the aforementioned services via SMS Alert Service; c) Arrangements shall be made for various types of publicity and promotion in mass media to exercise necessary caution in all types of electronic payment services; d) Steps shall be taken so that customers are not harassed in any way in such transactions, and round-the-clock Help Line assistance shall be provided; e) Instructions of all circulars previously issued by this department shall be duly complied with.
This matter is very important.
Yours faithfully,
(Signature) (Md. Motassim Billah) Director (PSD) Phone: 9530334