BRAC Bank launches its first end-to-end commercial remittance application 'FXPAY'

BRAC Bank became the first bank in the country to launch FXPAY, an end-to-end commercial remittance application. It was launched on March 23, 2023.

The system is designed to provide accessible, fast, and secure remittance services to institutional customers, focusing on customer convenience and business growth.

Selim R. F. Hussain, Managing Director & CEO, and other bank officials were present during the launch ceremony at the bank's head office in Dhaka, according to a media release.

FXPAY is a 360-degree commercial remittance system capable of performing B2B, B2C, C2B, and C2C transactions in compliance with regulations. The system can perform automated Tax, VAT, encashment certificate, No Objection Certificate, Nostro funding checking, and client intimation via email or SMS. The application saves time by allowing multiple tasks to be performed instantly, ensuring faster customer service. Additionally, it has a separate module for student file remittance, NGO, Loan File, FDI, freelancer remittance, expatriate remittance tracking, and more.

The system also offers end-to-end regulatory reporting for all categories of commercial remittance and is integrated with SWIFT, Core Banking application, SMS & email system, Document Management System. In the future, BRAC Bank plans to integrate this application with other internal systems. Clients will now receive automated SWIFT messages, email/SMS notifications, and NOCs whenever remittance is received or sent.

BRAC Bank believes that this new commercial remittance system will open new global business horizons for PSPs, payment aggregators, and global commercial remittance partners to process commercial remittances while adhering to the central bank’s guidelines and compliance, the release adds.

Selim R. F. Hussain, commenting on the launch, stated that the bank has been at the forefront of technological innovation in the banking industry.

He added that this commercial remittance application is part of their digital transformation journey and will provide convenience to customers while facilitating more remittance inflow, contributing to the country's foreign exchange reserve.