Prime Bank has recently launched a real-time remittance service, called RemitPrime, for the customers of its subsidiaries in Singapore and the UK.
RemitPrime is the first real-time, online platform launched by a Bangladeshi Bank abroad.
Through this service, the expatriate Bangladeshis can transfer remittance in real-time to any account of Prime Bank and to any bKash wallet across the country, said a press release.
For all other banks, remittance will be transferred instantly as per the BEFTN transaction cycle. Along with the remittance, the new service also ensures payment of 2.0 per cent incentive instantly.
The Bangladeshi, Indian and Filipino expatriates in Singapore can now send money to their respective countries through RemitPrime service by downloading the ‘Prime Bank App’ or by logging into www.remitprime.com.
Prime Bank has plans to extend its online remittance payment services to major remittance corridors such as the US, EU, Gulf countries, Japan, Korea, Malaysia and so on.
Prime Bank's acting managing director and CEO Faisal Rahman said, “Our customers maintaining account with Prime Bank will enjoy real-time fund transfer against their remittance from abroad. We can also make a transfer to bKash accounts in real-time with RemitPrime. With this new service, our customers are enjoying the convenience of receiving remittance at their doorsteps round-the-clock. We believe these services will inspire expatriate Bangladeshis to send more money through legal channel and boost up the flow of remittance into the country. The remitters from other major corridors like KSA, Malaysia, and other countries will also receive similar facilities soon."
Highlighting the speciality of the RemitPrime mobile applications, Shams Abdullah Muhaimin, Prime Bank's Head of Transaction Banking, said: “RemitPrime platform is built on a machine learning technology which has automated majority of manual activities. The system can process thousands of transactions in minutes with real-time fund transfer to beneficiary accounts 24X7. The mobile app version of the application is first of its kind launched by a local bank into overseas. The system can now be offered as a white-label solution to different overseas remittance service providers working in Bangladesh corridor.”
Prime Bank has two remittance subsidiaries. one is in Singapore which is known as Prime Exchange Co. Pte Ltd.
Another is in the UK which is known as PBL Exchange (UK) Ltd.
