BRAC Bank Ltd, the fastest growing bank in Bangladesh, and ITCL (QCash), a private ATM network currently serving 12 member banks, have launched OMNIBUS, the first neutral inter-bank switch in Bangladesh.
OMNIBUS is an independent association of member banks and financial institutions that will operate and manage the shared switch. As a first step, OMNIBUS integrates the ATM & POS networks of BRAC Bank and Q-Cash, enabling cardholders of BRAC Bank and QCash member banks to access their accounts from any of the 150+ ATMs and 1,200+ POS terminals. OMNIBUS, powered by TPS’ Phoenix switch, is modeled around the success of 1LINK, the shared ATM switch of Pakistan
The shared ATM/POS switch offers significant convenience to customers of its member banks through greater transaction touch points, providing 24/7 banking.
OMNIBUS creates a more efficient national payment infrastructure by electronically switching payment transactions between member banks. In addition, the instant increase in the number of ATMs enables the banks to improve their operational efficiency and customer services.
OMNIBUS is expected to catalyze the growth of e-Banking in Bangladesh, setting a firm foundation for the introduction of more value-added services like bill payments and transfers, on diversified electronic channels. The shared network will soon offer services to facilitate the customers to access their accounts conveniently.
“BRAC Bank is proud to have TPS as its key technology partner in its alternate delivery channel proliferation strategy. BRAC Bank’s proprietary ATM network, launched in 2005, is driven by Phoenix and more recently, TPS has also provided the inter bank switching solution for the OMNIBUS shared ATM network sponsored by BRAC Bank. What differentiates TPS from other technology partners is that it is a forward looking and agile institution that has not only held our hand during these critical technology implementations but also shared freely of their vast repertoire of knowledge in this area”
Mr Kaiser Tamiz Amin
DMD & COO, BRAC Bank Ltd.
