back Back

BRAC Bank, Thales & data edge team to secure Bangladesh’s payment infrastructure

By Gloria Mathias

November 09, 2023

  • APAC Fintech news
  • APAC news
  • APAC News Payments Acceptance
Share

Thales, India, BRAC, BACH, Data Edge Limited, Fintech News, Finance News, Bangladesh Payments, Security, Payments Infrastructure, Software solutios, Thales Luna, 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.

Previous Article

November 09, 2023

Mia-Platform bank on ID verification as Trustfull joins partner program 

Read More
Next Article

November 09, 2023

Why banks and credit card providers still struggle with advice formulas

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 05, 2025

United Fintech acquires Commercial Banking Applications

Read More

February 05, 2025

Aldermore Bank taps Temenos to modernise business savings

Read More

February 04, 2025

ARIE Finance taps SaaScada to simplify international payments for businesses

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More