Information about the new technology at the seminar titled 'Security and Interoperability in Digital Financial Inclusions', said officials of Software Lab Ltd. Photo: Collected. Bankers and Technicians emphasize financial institutions to use EMV (Europe, MasterCard and Visa) technology to secure digital transactions. EMV is a composite form of MasterCard and Visa in Europe, which is recognized as the international standard of financial transactions. Bangladeshi company Kana Software Limited offers this service.
A seminar titled 'Security and Interoperability in Digital Financial Inclusion' was organized on the last day of BASIS Soft Expo at the Bangabandhu International Conference Center in the capital on Sunday, organized by Digital Payment Platform firm KNOW Software Lab. In this, the officials of the engineer and financial institution highlighted various information on the use of technology in economic activities.
At the beginning of the seminar, EMV gave a fundamental idea on technology, as Mahbub Bin Rahim, Head of Marketing Lab, Software Lab Limited. He compares the international standard of chip-based services in financial transactions and the situation in Bangladesh. The engineer's senior engineer, Abdullah Al Shamim, highlighted the engineering aspects of EMV technology.
Mahbub Bin Rahim, while describing the advantages of various types of cards, said, 'During each transaction, the same data will be repeatedly near the card issuer. The risk remains in this case. Cloning is easy. He said it is possible to remove card-based fraud by adopting emv technology. It is impossible to copy the data of this technology card. There are still risks in online transactions. The risk of using new technology is low, because the card is also effective offline. EMV Component can be used using the same terminal. However, it is important to follow the policy in this regard.
Senior Vice President of Software Touhid Ahmed Chowdhury presented the current picture of the technical (digital) financial services of Bangladesh. He said people still have more cash transactions. In the last three years, the usage of digital transactions in e-commerce increased, but the use of credit cards is decreasing. This is because card-based fraud. However, banks are interested in emv technology and two-layer authentication. Because the EMV technology-based card has a data chip, it is difficult to clone.
On the occasion, the mobile app is said to be one of the main means of transactions in the coming days. Its facilities are from both sides. Users will also be benefited, the bankers will also be able to reach their customer's product and service information.
Managing Director of Software Lab Ltd, Minawar Hossain Tanjil, said, "In the same way our country is headed by the existing Mobile Financial Services, as well as the leadership of FinTech or Digital Financial Services should also come forward by banking institutions." The IT company will provide technical support to the banks but financial services will be provided by banking institutions. But digitalization will come forward to big banks. Because it is not possible to continue technically forwarding them in the financial sector.
It is to be noted that more than 60 officers of different banks of Bangladesh were present in that seminar.