Priyo Pay and iPay to enable crossborder payments from America to Bangladesh

The method of real-time dollar transfer from America's Priyo Pay account to Bangladesh’s iPay has been experimentally successful. As a result, now a customer can bring money from America to Bangladesh with one click.

The Priyo Pay Chief Zakaria Swapan confirmed this information on Sunday night. While launching iPay (Bangladesh), he admitted the previous mistake in partner selection.

With this good news in the fintech sector on the day of digital bank approval, he said, we have given permission to give accounts to those Bangladeshi diaspora who work in America and earn dollars. So many complaints they have about sending money to the country. I thought, a good solution of this problem can be found. It took years to implement. Many have already started using Priyo-Pay.

But Zakaria Swapan, citing his devotion behind it, said, "To many, it may sound something insignificant" But those who work with the cross border know how much is under the soil! Bank-to-bank issues, America's banking law, America's Bank Secrecy Act (BSA), Bangladesh's banking law, money laundering, terrorist financing, thousands of issues are there! But to me it's a big deal because the whole system on both sides is built by ourselves. From its design to the entire product - we have made everything. Most of the software and systems in the banking sector of Bangladesh are imported from abroad. Since we have made the whole system, for us it is like giving birth to a baby. Those who didn't do it, can't be understood properly.”

'In the original plan, it was always in our thought that, when to connect Bangladesh. Today that dream has been fulfilled. Real-time transfer from Priyo-Pay to iPay is not yet commercially launched. But hopefully, it can be launched commercially soon'- he added.

It may be noted that, Priyo-Pay is a digital banking service created by a Bangladeshi entrepreneur in the United States. Behind it, there is a physical bank of America, more than 100 years old. MasterCard has been added to it.