Prime Bank Limited recently launched a state-of-the-art real-time remittance service – RemitPrime – for the customers of its subsidiaries in Singapore and the United Kingdom (UK).
This is the first real-time online platform launched by a Bangladeshi Bank abroad, said a media statement issued on Friday.
Through RemitPrime, Bangladeshi expatriates can transfer remittances to any account of Prime Bank and to any bKash wallet across the country.
For all other banks, remittances will be transferred instantly as per the Bangladesh Electronic Funds Transfer Network transaction cycle.
Along with remittances, the new service also ensures an instant payment of a 2% incentive. RemitPrime further provides real-time information on transactions to its users, the media statement read.
Expatriates from Bangladesh, India and the Philippines, residing in Singapore, can now send money to their respective home countries through RemitPrime services by downloading Prime Bank's internet banking mobile app, Prime Bank App, from Apple's App Store, Google's Play Store or by logging in on www.remitprime.com.
Prime Bank plans to extend its online remittance payment services to major remittance corridors like: the United States, European Union, Gulf Countries, Japan, Korea, and Malaysia.
Prime Bank's Acting Managing Director and CEO Faisal Rahman said, "Our customers maintaining accounts with Prime Bank, will enjoy real-time funds transfers against their remittances from abroad."
"With this new service, our customers are enjoying the convenience of receiving remittances at their doorsteps round the clock. We believe these services will inspire expatriates to send more money through legal channels and boost the flow of remittances into the country," he added.
Abdullah Muhaimin, head of transaction banking of Prime Bank, said, "RemitPrime's platform is built on machine learning technology which has automated the majority of manual activities. The system can process thousands of transactions in a few minutes."
"The mobile app version of the application is the first of its kind launched by a local bank overseas. The system can now be offered as a white-label solution to different overseas remittance service providers working in the Bangladesh corridor," he added.
Prime Bank has two remittance subsidiaries – one is Prime Exchange Co Pte Ltd in Singapore and another is PBL Exchange (UK) Ltd in the UK.