Bhutan: Web-based Corporate and Retail Internet Banking launched for businesses, individuals

Now, businesses and individuals can perform various online financial and non-financial transactions with the comfort of digital devices.

It offers similar features to the existing mBoB service but with added advantages, reported The Bhutan Live.

Moreover, the web service also enables users to perform multiple transactions in a single operation which will make financial transactions more convenient.

It has been introduced and designed primarily for companies. However, Corporate and Retail Internet Banking also supports transactions for individuals.

Upahar Subedi, chief of Corporate Strategy, BoB said, "There are a certain group of customers who are not comfortable using a mobile device to do their financial transactions and for those customers, they would be comfortable using a web-based application such as internet banking to do their daily financial or banking-related activity. And again MBoB is not for corporate banking. And so for corporate clients, we had to come up with something different where they can do their various business transactions."

Earlier, businesses and offices needed to visit the bank to process tasks and transactions like depositing payroll reported The Bhutan Live.

Whereas, with this new Internet Banking, transactions like depositing dividends and payrolls can be done online in comfort which allows people to perform these tasks without physical visits.

We were providing services such as Secure File Transfer Protocol (SFTP) to the customers but that is not very secure when it comes to transactions. So, we are going to move away from SFTP to Internet banking and for SFTP, they had to send their details to the bank people. The bank had to do the transactions. When it comes to Internet banking, they can do their own transaction. So, bank people will not be involved during the transaction, added the chief.

Furthermore, this web service is free for retail users. However, corporate users will have to pay a minimal charge based on the number of users from next year, The Bhutan Live reported. (ANI)