Bangladesh Bank has directed the rapid restoration of card-based and related digital services that have been disrupted at around 30 banks due to technological upgrades, system migration and maintenance of the Q-Cash network.
The central bank also instructed the banks to take necessary measures to protect customers’ interests and ensure continuity of financial transactions. The directive was issued in a notice on Tuesday, October 6.
According to the notice, technological upgrades, system migration and maintenance work have been underway on the Q-Cash network, operated by IT Consultants PLC, since 9pm on October 4. As a result, card, ATM and National Payment Switch Bangladesh (NPSB)-related digital services at several banks have been disrupted, causing inconvenience to customers.
Bangladesh Bank said it was taking necessary steps to protect customers and maintain the normal flow of financial transactions. The central bank has also summoned the management of the company operating Q-Cash over the disruption.
Under the directive, Q-Cash switching operations and all related card-based services must be restored as soon as possible. Banks have also been instructed to take measures to reduce customer suffering during the disruption.
However, Bangladesh Bank said transactions through banks directly connected to the NPSB platform are continuing normally. Transactions through mobile financial services (MFS) providers and other payment service providers are also operating normally.
Other payment systems operated by the central bank, including the Bangladesh Automated Clearing House (BACH), Bangladesh Electronic Funds Transfer Network (BEFTN) and Real-Time Gross Settlement (RTGS), are also functioning normally.
Recently, the Q-Cash network’s system migration caused various card and digital services at around 30 banks to become unavailable or limited. Depending on the bank, customers faced disruptions to ATM withdrawals, point-of-sale (POS) transactions, card payments, interbank fund transfers and QR payments. The migration is scheduled to continue until noon on October 10, though the scope and duration of disruptions vary among banks.
Bangladesh Bank has advised customers to follow instructions issued by their respective banks. Where necessary, customers have also been advised to use alternative payment platforms during the disruption.
