Brac Bank has introduced digital Form C and e-documents platform for commercial inward remittance customers as a part of digital transformation agenda.
According to the bank, customers sending international remittances worth more than $ 20,000 can now fill out and submit Bangladesh Bank-prescribed Form C declaration electronically along with relevant documents if applicable as per the central bank guidelines. This will make remittance disbursement faster by leveraging digital technologies.
Freelancers, mariners and non-wage-remittance earning professionals, who usually send large-ticket remittances, will immensely benefit from this digitalization of remittance service.
Last year, Brac Bank launched FXPAY, an end-to-end commercial remittance application designed to provide accessible, fast, and secure remittance services to valued customers. FXPAY is part of the bank's digital transformation of commercial inward remittance platforms and which now expands its service to client doors.
Previously, as per Bangladesh Bank guidelines on commercial inward remittance, customers receiving certain types of remittance are required to visit a branch and submit the relevant documents for receiving the remittance.
Recently, Bangladesh Bank has instructed banks to digitize the Form C process.
Accordingly, Brac Bank has now introduced this facility with additional e-document submission facilities as an added service without needing the beneficiary to visit the branch.
The customers who live in faraway places will have the opportunity to get connected with Brac Bank commercial inward remittance team through an online platform.
Both facilities have been designed with an aim of delivering better customer service and easier the process to bring more remittances to the country.
Commenting on the digital remittance service, Brac Bank’s Managing Director & CEO Selim R. F. Hussain stated: “The bank has always been at the forefront of technological innovation in the banking industry aiming at enhancing convenience to the customers”.
This digital service is part of the digital transformation journey and will provide comfort to customers while facilitating big-ticket remittance inflow, contributing to the country's foreign exchange reserve, he added.