06-03-2017 dery BACH WORK a. How “Bangladesh Automated Clearing House (BACH)” Why BACH/Clearing ? —— ww 5 earings ? a ¢ Ifa person receives an instruments from a perSon and he wants to collect this instrument’s money through other than the cheque maker's bank is called clearing. |, ~~Bangladesh Automated Cleari use (BACH) e- why Back F To modernize country’s Payment and Settlement System, Bangladesh Automated Clearing House (BACH) has started it’s journey on @cxober; 07,2010. The main objective of BACH is to maximize the speed of inter bank payments without movement of the physical instruments. ~ Modules of BACH A) Bangladesh Automated Cheque Processing System (BACPS) — B) Bangladesh Electronic Funds Transfer Network (BEFTN) 06-03-201706-03-2017 BACP: ewe + New CHinstréments designed with MICR code line + Image and data exchange instead of physical movement of instruments + Images and data are we ceric + Physical instruments will be stored by the pre Partici BACPS * Payer — Party obligaced to pay on cheque (also known as the maker, cheque writer or drawee) + Payee — Party or parties due payment and so indicated on the cheque (also known as beneficiary) + Presenting Bank — The bank of first deposit (QED) at which a cheque is deposited. Also known as the collecting or sending bank (payee’s bank) + Correspondent Bank — Banker's bank (Bangladesh Bank) * Paying Bank — The bank whose routing number is encoded in MICR on a cheque (payer's ban poe Sled D Cpe rarer Jepenv = Lye ChY) |— + Gag > TC neck)