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

Businesses and individuals can carry out various online financial and non-financial transactions, all from the comfort of digital devices. The Bank of Bhutan has introduced and launched a new web-based Corporate and Retail Internet Banking service.

The new web-based platform offers similar features to the existing mBoB service but with added advantages. It enables users to perform multiple transactions in a single operation, making financial transactions more convenient.

Designed primarily for companies, Corporate and Retail Internet Banking also provides transactions for individuals.

“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,” said Upahar Subedi, chief of Corporate Strategy, BoB.

Traditionally, businesses and offices needed to visit the bank to process tasks like depositing payroll.

However, with the new Internet banking, tasks such as depositing dividends and payrolls can be done online, eliminating the need for 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.

The new service is free for retail users. Corporate users will have to pay a minimal charge based on the number of users from next year.

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