Newgen conducts road show on 'Electronic Fund Transfer' in Bangladesh

The EFT can clear up many problems faced by banks while processing the checks. EFT uses computer and electronic technology as a substitute for checks and other paper transactions

FOR IMMEDIATE RELEASE / PRURGENT

Newgen Software Technologies Limited, a market leader in Business Process Management (BPM) and Enterprise Document Management (EDM), today announced that it has introduced electronic fund transfer system to Bangladesh as the deadline for issuing magnetic ink character recognition coded checkbooks by banks is scheduled to go live from early November this year.

The system was introduced at a road-show on 'Electronic Fund Transfer (EFT), organized jointly with a local firm Tech Valley Computers Limited.

Speaking on the importance of Electronic Fund Transfer, Mr. Punit Jain, Senior Vice President Newgen, said “The accounts-payable payment process is often tedious and time-consuming, resulting in costly process cycles. Each business benefits from automated payment processes through reduced expenses and improved operational efficiencies. The EFT can clear up many problems faced by banks while processing the checks."

He added, “Once implemented, the system will add value to the operations of the banks. EFT has been successfully introduced in many banks in India, Saudi Arabia and United Arab Emirates. Some banks in Ghana and Kenya are also in the pipeline.”

EFT uses computer and electronic technology as a substitute for checks and other paper transactions. It is a system of transferring money from one bank account directly to another without any paper money changing hands.

The benefits of EFT system includes maker-checker at every stage, real time integration with banking application, maintenance of standing instruction, better response to customer queries and audit trail on who-did-what-when concept. A total of 30 banks including 18 from India, six from United Arab Emirates, two from Saudi Arabia are operating using the EFT.

The road show witnessed participation from many banks in Bangladesh. Newgen has bagged its first order in Bangladesh for the implementation of EFT and is hopeful that many more banks in Bangladesh will be adopting their services.