Bangladesh Bank authorizes receipt of remittances through OPGSPs

| Update:
Oct. 18, 2021, 8:54 p.m.

The Bangladesh Bank (BB) has authorized the receipt of remittances through Online Payment Gateway Service Providers (OPGSP).

The central bank’s foreign exchange policy department issued a circular on Monday approving Authorized Reseller (AD) banks to repatriate remittances through OPGSPs.

The circular states that DAs are required to enter into an agreement with internationally recognized OPGSPs and to maintain a separate nostro collection account (an account that a bank holds in a foreign currency in another bank) for each OPGSP, reports the A B.

“Service exporters benefiting from this facility are, among other things, allowed to open notional accounts with only OPGSPs having agreements with ADs in Bangladesh,” the circular said.

To broaden the scope of revenue repatriation against service exports, the central bank decided that DAs can allow their service exporting clients to enter into agreements, including maintaining merchant accounts, with international markets or platforms. .

In addition to these accounts, service exporters may maintain fictitious accounts, not limited to licensed OPGSPs, with internationally renowned payment service aggregators, payment facilitators, digital wallets, or other payment systems. legitimate approved by the regulatory authorities concerned.

As a result, DAs can facilitate the repatriation of service income deposited to their nostro accounts by international marketplaces / platforms, including eligible foreign payment operators, regardless of agreements and the maintenance of separate nostro collection accounts.

In this context, DAs should obtain detailed information from their service exporting clients regarding the maintenance of merchant accounts with international marketplaces / platforms and / or notional accounts with eligible foreign payment operators.

In addition, the declaration on the nature of the services to be provided by the exporters-customers of services with the supporting documents and supporting documents must be ensured by the ADs.

A commitment from their customers that they will organize the repatriation of service revenues within the legal deadline, either through relevant marketplaces / platforms or eligible foreign payment operators, or by credit to their merchant / fictitious accounts for a immediate transfer to Bangladesh.

DAs should credit receipts in an equivalent local currency to the respective bank accounts, or arrange for them to be transferred to digital wallets managed by mobile financial service providers approved by the Bank of Bangladesh.

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