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Sonali Bank PLC has added a new feather to its digital transformation activities by introducing its own payment switch system in a bid to make all kinds of online transactions faster, reliable and cost-effective.
In a press release issued on Tuesday, the country's largest commercial bank stated that the new system will enable it to preserve transaction-related information in a more effective way while it will also reduce costs for both the lender and its customers in providing and maintaining debit, credit, pre-paid and virtual cards.
The bank, which has around 1.40 million debit and credit cardholders, had been providing the services through a third-party vendor, which was time-consuming and comparatively costly. With the adoption of the in-house payment switch system, it said, the time and cost in availing the digital transaction services will be reduced.
As part of the bank's plan to expand the services, it has intensified the ATM (automated teller machine) coverage across the country. As many as 155 more ATM booths have already been installed at different locations throughout the country this year.
Managing Director and Chief Executive Officer of the bank Md. Shawkat Ali Khan said the launch of the bank's own payment switch system will help bring an epoch-making change to the customer's services by providing quick and safe card services.
The seasoned banker said digitisation helps make the banking sector more developed, safe, sustainable and competitive. Keeping this broader objective in mind, the bank has launched its own digital payment system.
The bank's top executive said they have taken steps to set up more ATMs in each branch and other important locations of the country to make the services more customer-friendly
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