Though formally and centrally BEFTN is handled by Central Clearing Unit (CCU), processing of Remittance payments is handled by Foreign Remittance Department (FRD). BEFTN has enabled us to credit beneficiary accounts in less that 48 hours of receiving the payments at our end.
Technological advancement has enabled us to send remittance data error-free to beneficiary bank through Bangladesh Bank.
BEFTN has also given us the edge to extend our cut-off time, much to the satisfaction of exchange houses, remitters and beneficiaries. We can process payments received from Exchange houses as late as 4.00 PM and therefore, money is credited in beneficiary account in less than 24 hours.
Until the facilities are available at branches formally, FRD is also serving the branches in remitting funds to other banks accounts through BEFTN. Several NGOs and corporate bodies are enjoying this service to credit multiple accounts nationwide at a very low cost and extreme ease.