Regulatory Alerts2009-02-16
Added · Updated
PSD Circular No. 2: Bangladesh Automated Cheque Processing System (BACPS) at the expanded Dhaka Clearing Region
Bangladesh Bank mandates that all scheduled banks participating in the Dhaka Clearing House implement the Bangladesh Automated Cheque Processing System (BACPS) by going live on August 3, 2009. Banks must adopt MICR standard cheques, establish secure communication links with BACH headquarters and its disaster recovery site, and acquire the capability to exchange cheque images and data electronically. Specific deadlines require the issuance of MICR cheques by May 30, 2009, vendor selection by April 30, 2009, and the completion of User Acceptance Tests by July 30, 2009. Banks unable to process out-clearings electronically within the stipulated time may use Bangladesh Bank’s facility at Motijheel but must still receive in-clearing items electronically.
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