BRAC Bank, upay sign deal on fund transfer and remittance services

BRAC Bank has signed an agreement with mobile financial service provider upay recently, allowing BRAC Bank customers to transfer funds from Mobile App 'ASTHA' to their upay accounts, reads a press release issued by BRAC Bank.

Users can transfer up to BDT 50,000 to upay account in a day. Soon, upay customers will be able to transfer fund to BRAC Bank account from their upay account as well. 

This agreement will also enable migrant Bangladeshis to send money home directly to upay account, with the help of BRAC Bank's 60+ remittance partners, including leading exchange houses and banks worldwide. Together, BRAC Bank and upay will automate the processing of remittance transactions, leading the way to the pinnacle of convenience where the beneficiary will receive the remittance instantly, no matter which corner of the world the remittance is sent from. 

upay will also use the payment settlement services of BRAC Bank to facilitate transactions for its mobile account. The integration between BRAC Bank and upay will help the customers of both organizations enjoy smooth, reliable and secure transactions conveniently.

Under this agreement BRAC Bank shall provide the TCSA (Trust Cum Settlement Account) service which shall enable UPAY to operate its Trust Fund in line with MFS & TCSA guideline. Also UPAY shall avail various collection and payment solution that includes BRAC Bank's Corporate Internet Banking Platform, CORPnet.

Selim R F Hussain, Managing Director & CEO, BRAC Bank; Rezaul Hossain, Managing Director & CEO, upay; signed the agreement on behalf of their respective organizations at BRAC Bank Head Office in Dhaka on 28 August 2022. 

From BRAC Bank, Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking; Md. Mahiul Islam, Head of Retail Banking; Jabedul Alam, Head of Transaction Banking; Shahrear Zamil, Head of Remittance and Probashi Banking; Rashedul Hasan Stalin, Head of Payments and Partnership, were present. 

From upay, Syed Md Enamul Kabir, Chief Financial Officer; Ziaur Rahman, Chief Strategy Officer; Shams Azad, Deputy Director, Strategy & Product; Syed Mohidul Islam, Assistant Manager, Strategy, were present. 

Commenting on the partnership, Selim R F Hussain, Managing Director & CEO, BRAC Bank, said: "This partnership between BRAC Bank and upay will pave the way for a seamless digital payment experience for the customers. Now our ASTHA users will get more account fund transfer options. Expatriate Bangladeshis can directly send money to upay accounts of their loved ones. This integration with a leading MFS company is as part of BRAC Bank's continued pursuit to expand digital banking services and become the most connected bank in the industry. We will continue to form new partnerships to cater to the diverse needs of our customers."

Welcoming the collaboration, Rezaul Hossain, Managing Director & CEO, upay said: "At upay, we aim to offer the best service experience to our customers, backed by the most advanced technologies. It is our immense pleasure to start a partnership with BRAC Bank. We believe we can add significant value to our customers in local fund transfers and international remittances. This is just the beginning of our mutual partnership, which we look forward to expanding further as we strive to provide greater convenience to our customers."