Brac Bank has launched FXPAY, an end-to-end commercial remittance application to provide accessible, fast and secure remittance services to institutional customers.

FXPAY is a 360-degree commercial remittance system capable of performing business-to-business, business-to-consumer, consumer-to-business and consumer-to-consumer transactions in compliance with regulations, the bank said in a statement.

The system can perform automated tax, value-added tax, encashment certificate, no objection certificate, Nostro funding checking and client intimation via email or text, the bank said.

Selim RF Hussain, managing director and CEO of the bank, inaugurated the service at the bank's head office in Dhaka.

It was launched on March 23 this year.

The application saves time by allowing multiple tasks to be performed instantly, ensuring faster customer service, the bank said.

Additionally, it has a separate module for student file remittance, a nongovernmental organisation, loan file, foreign direct investment, freelancer remittance and expatriate remittance tracking.

The bank has been at the forefront of technological innovation in the banking industry, the Brac Bank managing director said.

"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," he said.

The system also offers end-to-end regulatory reporting for all categories of commercial remittance and is integrated with SWIFT, Core Banking application, SMS and email system, and 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.