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Home Financial system Payment and Settlement Systems Bangladesh Electronic Funds Transfer Network (BEFTN)

Bangladesh Electronic Funds Transfer Network (BEFTN)

BEFTN has started its 'Live Operation' on 28th February 2011 with the objective to decrease paper-based payment methods and encourage electronic payment methods for secured, faster & cost-effective transactions. The Network started with credit transactions and open for debits from 15 September 2011.

BEFTN facilitates the transmission of payments between the banks electronically, which makes it faster and efficient means of inter-bank clearing over the existing paper-based system i.e. BACPS. It is able to handle a wide variety of credit transfers such as payroll, foreign and domestic remittances, social security, company dividends, retirement, expense reimbursement, bill payments, corporate payments, government tax payments, social security payments and person to person payments. The system could handle debit transfers such as mortgage payments, loan payments, insurance premiums, utility bill payments, government tax payments, government licenses and fees.

EFT is gaining increasing popularity among the corporate and govt. bodies. Approximately 13761853 EFT transactions having transaction volume of BDT 873.86 billion were processed  during the FY2015 with an increasing trend. Salary of more than 28 ministries and govt. offices are now paid through EFT. Listed public companies are paying their cash dividends through EFT network.

Tabular and graphical presentation of BEFTN credit transactions:

Related links



 Date

EFT Credit

Item

Amount

Jan,2015

1020755

58,769,575,714.38

Feb, 2015

748820

59,144,568,316.46

Mar,2015

813516

69,605,008,860.67

Apr,2015

1257144

71,543,013,077.39

May,2015

1051766

73,707,548,525.08

Jun, 2015

1196139

73,395,983,025.07

Jul, 2015

1492160

64,819,781,226.75

Aug, 2015

984803

64,762,874,280.29

Sep, 2015

1289254

69,912,457,414.74

Oct, 2015

849489

56,782,553,316.39

Nov, 2015

1202649

70,953,119,316.36

Dec, 2015

1253910

74,832,180,678.15

Tabular and graphical presentation of BEFTN debit transactions:


Date

EFT Debit

Item

Amount

Jan,2015

42590

4,476,916,819.12

Feb, 2015

42922

4,377,403,291.95

Mar,2015

47011

4,942,903,229.48

Apr,2015

46628

5,334,636,256.00

May,2015

46970

6,295,444,048.57

Jun, 2015

49314

6,525,468,144.90

Jul, 2015

49406

5,744,437,697.99

Aug, 2015

52151

5,759,987,117.69

Sep, 2015

52138

5,738,587,328.64

Oct, 2015

55965

4,693,225,620.15

Nov, 2015

57001

6,187,828,754.58

Dec, 2015

59352

5,555,489,204.41