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02.06.2009
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Financial Express: Agrani Bank to launch remittance cards for expats
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Agrani Bank has struck partnership with a local private company to introduce an electronic card that would allow rural recipients to draw remittances in a faster way, officials said Sunday.
The country's third largest state lender has contracted out Cask Link, an electronic banking solutions leader, to design the "Probashi Remittance Card," which will enable family members of Bangladeshi migrants to receive money even in far-flung areas, they said. "It's going to cut uncertainty factors," Fida Huq, chief operating officer of Cash Link, said. "We aim to launch the card early next month. The card will enable nominated persons of a migrant worker to draw money from the bank's designated branches", he added.
Agrani's move comes at a time when state-owned banks are fast losing their dominance over the country's multi-billion dollars remittance market. Last year, Bangladesh was among the top 10 recipient nations in developing world as far as remittance receipt was concerned, according to the World Bank. Cash Link, majority controlled by a group of local banks, is a dedicated company involved in electronic banking, backed by ATMs (Automated Teller Machines) and PoS (Point of Sale) terminals. Agrani will issue the card for a charge of Tk 100 before a potential overseas job-seeker leaves the country for the destination nation and the nominee can use it, officials involved in the process said.
The nominee of migrant workers will be able to draw money from the nearest bank branch by using the card, Mr Huq said. With 876 nationwide branches, experts say Agrani is well-placed to deliver remittances at the remotest corners of the country.
Last year, Bangladeshi workers remitted US$ 9.0 billion in remittances, but bankers say the bulk of it came in trickles. Some 60 per cent of Bangladeshi remitters fall into the category of retail remitters, with each transfer often not exceeding Tk 50,000.
Bangladesh's remittance flow set new record in 2008, helped by 875,000 overseas jobs. This year's outlook is also promising and the Bangladesh Bank officials expect the flow to reach $ 10 billion. Money sent home by an estimated 6.3 million Bangladeshis and millions others who live and work abroad is only second its exports. It also surpassed the overseas aid and foreign investments combined. A Cash Link top official said the company plans to install PoS terminals in as many as 200 Agrani branches by the end of this year. Cash Link officials said it would also supply POS terminal to 125 BURO branches across the country. The terminals will be able to accept card transactions for processing remittance payments and other purpose of CBL member and non-member banks' cards. The company will provide transaction processing services and complete package end-to-end solutions for payment automation and rollout of Electronic Fund Transfer Point-of-Sale.
Agrani Bank officials are hopeful that the new deal would allow it to significantly scale up its shares in the competitive remittance market.
Financial Express
http://www.thefinancialexpress-bd.com/2009/06/02/68474.html
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24.03.2009
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CBL/ETN Switch Migration
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This is to inform all ETN member Banks that migration of ETN 's TPII to Euronet ITM switch is to start at 11:55pm on 26th March and complete by 11:55am on 27th March, 2009.
During Migration and system enhancement by the new ownership, all our ATMs will be temporarily out of service.
We have put notification about the outage on all ATM booths in our network and have also put Migration notice on 4 national dailies on 25th March, 2009 : Ittefaq, Naya Diganta, Daily Star & New Age.
We apologize for the inconvenience this may cause, and we appreciate your patronage while we strive to take our quality of our service to a new height
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08.03.2009
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CBL signs final Agreement with United Enterprises to acquire ETN.
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Gist:
In a signing occasion today the 8th of March 2009, Cashlink Bangladesh Limited (CBL) signed the final agreement to acquire 100% shares of Electronic Transactions Network (ETN) from its current owners United Enterprises & Co Ltd.
Description:
Cashlink Bangladesh Limited (CBL), a payments systems solutions provider has just completed the final agreement of acquiring Electronic Transactions Network – the very first ATM service provider of the country. Cashlink Bangladesh Limited, a company owned by a group of banks including AB Bank, United Commercial Bank and South East Bank, Euronet and Networld, has acquired the company fully and as per the agreement will continue the activities of ETN as a separate entity.
It is expected that acquiring ETN will enable Cashlink to add strength and impetus to its core business of financial payments systems which include projects like rolling out 500 ATMs and 10,000 POSs over the next few years. As Mr Mahbub Patwary, Managing Director of Cashlink says: “We were looking forward to placing us strategically ahead of the race in the alternative financial delivery channels sector of Bangladesh and I believe with the acquisition of Electronic Transactions Network (ETN), that task has been made easier.” Indeed, with 46 ATMs and a transaction base exceeding 1.5 million transactions per year and having seven banks under its fold, ETN will enable Cashlink to provide state-of-the-art service in the payment processing sector aided by Euronet technology.
Information on CBL:
Cashlink Bangladesh Limited (CBL website: http://www.cashlinkbd.com ) is a joint venture establishment owned by AB Bank Limited, Euronet Worldwide Inc, Networld Bangladesh Limited, Southeast Bank Limited and United Commercial Bank Limited. CBL is in the process of strategically rolling-out 505 ATMs and 10,000 POS terminals across the country within 2010.
The Technology is provided and maintained by Euronet, a global EFT software and services company established in the early 1990’s in the emerging markets of Central and Eastern Europe through the deployment and operation worldwide.
Based on the local market perspective of Bangladesh, CBL has strategized pay-per-use price model with access to card issuance, switching, connectivity to gateways (local/VISA/MC), fields services, etc.
It is worth mentioning that, CBL is capable of interfacing with any core banking & host supporting ISO8583 industry standards and has already interfaced with some of the leading core banking vendors worldwide , including Iflex, Finacle, Misys and local including Bexibank, Infinity, PC Bank etc.
Information in ETN:
ETN is a dedicated company for electronic banking transactions through ATM and POS devices. Its transaction switching facility is well known and first of its kind in Bangladesh. It has delivered nearly 3.2 million transactions to customer of different banks over last 6 year disbursing nearly a Tk 1,000 crore. Formed by the United Enterprises & Co Ltd and Mr Salahdin Imam, the company used to be considered to be at the cutting-edge of alternative delivery channels technology.
Signed:
Wahidul Haque
Chairman
Cashlink Bangladesh Limited
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Signed:
Hasan Mahmud Raja
Chairman
United Enterprises & Co Ltd
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17.02.2009
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BURO Bangladesh signs with CBL for Payment Automation.
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Dhaka, February 17, 2009 – Mr. Zakir Hossain, Executive Director of BURO Bangladesh has signed an agreement with Mr. Mahbub R Patwary, Managing Director of Cashlink Bangladesh Limited, for Remittance Program. CBL will supply EFTPOS terminal to 125 BURO locations. The terminals will be able to accept card transactions for processing remittance payments and other purpose of CBL member and non member banks' cards. CBL will provide transaction processing services & complete package end-to-end solutions for payment automation and rollout of Electronic Fund Transfer Point-of-Sale.
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