BRAC Bank, Thales & data edge team to secure Bangladesh’s payment infrastructure
By Gloria Mathias
BRAC Bank PLC and data edge have agreed to invest in Thales Luna (Hardware Security Modules) HSMs to bolster security for Bangladesh Automated Clearing House (BACH) and the Bangladesh Bank’s Nikash application.
A secure and efficient payment infrastructure is vital for Bangladesh’s financial inclusion, economic growth, and stability. It reduces cash dependency, lowers transaction costs, and attracts investments. Moreover, it empowers businesses, enhances transparency, and ensures timely fund transfers, ultimately contributing to the country’s socio-economic development and global competitiveness.
BRAC Bank Limited, Bangladesh’s financial institution, and Data Edge, a technology solutions provider, have signed an agreement on the procurement of Luna HSM for the BACH and Nikash applications, a service provided by the Bangladesh Bank.
The BRAC Bank Limited and data edge Limited agreement represents a significant step forward in enhancing the security and efficiency of financial transactions in Bangladesh, further reinforcing the nation’s commitment to modernising its payment and settlement infrastructure.
The Luna HSM will play a crucial role in safeguarding sensitive financial data and facilitating seamless transactions through the BACH and Nikash application services provided by Bangladesh Bank.
Nurun Nahar Begum, Chief Technology Officer at BRAC Bank Limited, and Mr. Asifuzzaman, Managing Director of Data Edge, led their teams in the signing agreement ceremony.
Bangladesh Automated Clearing House (BACH) is Bangladesh’s automated national payment infrastructure. The system has ushered in a digital era, replacing the previous manual clearing process and making financial transactions more efficient and secure.
By employing robust security measures and standardised procedures, BACH mitigates the risk of payment fraud and mistakes, enhancing overall transaction security.
The integration of Luna HSMs promises to fortify the security and efficiency of the payment system. This technology has the potential to reduce risks and accelerate transaction processing, benefiting both businesses and individuals.
As a result, prospects indicate improved financial stability, increased transparency, cost savings, and a competitive edge in the global economic landscape for Bangladesh’s payment and settlement system.
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November 28, 2023
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