The Interoperable Digital Transaction Platform (IDTP) is an initiative of the Bangladesh government; whose primary objective is to bring the general people online to deliver digital financial services connected to financial transactions.
It will serve as a bridge between a variety of financial service providers, including banks, non-banking financial institutions, merchants and enterprises, and usual clients. Bangladesh Bank will manage the IDTP platform.
"IDTP will allow real-time and low-cost transfer of funds in the financial sector," stated State Minister for ICT, Junaid Ahmed Palak.
In the conference room of the Information and Communication Technology Department at ICT Tower, Agargaon, a Memorandum of Understanding (MoU) was signed in 2019 between the Information and Communication Technology Department and Bangladesh Bank for the implementation of the Inter-Operative Digital Transaction Platform (IDTP). The goal of the effort is to boost fintech and digital financial inclusion.
On behalf of the Information and Communication Technology Department, Syed Mojibul Haque, Director (Additional Secretary), Idea Project; and on behalf of Bangladesh Bank, Mesbaul Haque, General Manager, Payment Systems Department, signed the MoU.
"Interoperability would have a good influence on the financial industry and will enable financial services providers to understand the nature of clients by evaluating data on interbank MFS transactions," said Atiur Rahman, former central bank governor.
In Bangladesh, IDTP technology will play a crucial role in the development of a cashless society. One of the most essential components is the Inter-Operative Digital Transaction Platform (IDTP) to achieve the goal of the Bangladesh Government’s ‘Digital Bangladesh’.