With the launch of Bhutan National Bank (BNB) payment gateway, yesterday, tour operators can now directly receive payment from its international visitors.
The system that rides on the national online international payment gateway will accept 135 different currencies from around the world and cards including VISA, Mastercard, AMEX and Discover, among others.
Without proper payment gateway, tour operators had to spend weeks processing payment of visa fees from their international guests. Some tour operators shared bitter experiences of having lost visitors due to the lengthy and unsecure banking processes.
Coinciding with the official inauguration of its corporate building, yesterday, BNB also launched three other services- BNB Ngotshab, BNB Thuendrel Gatshor and Loan Origination System.
BNB Ngotshab is a banking solution where agents across the country will assist people in availing the bank’s services. People using this service will be able to carry out transactions across any bank in Bhutan.
Strategy officer of BNB, Diwas Puri said the any individual or business entity can become an agent. “They will be given incentives for carrying out the transactions.”
For the start, BNB has partnered with Bhutan Post, considering its presence in all parts of the country.
This service covers account opening, balance inquiry and payment of utility bills, loan installments, insurances, taxes and mobile recharge.Customers of other banks can also withdraw cash and perform balance inquiry.
BNB Ngotshab intends to reach the un-banked population to be a part of the financial network and aims at enhancing customer satisfaction and financial inclusion.
The relationship pricing module or BNB Thuendrel Gatshor is another service that aims to acknowledge and reward clients, extensively engaging with the bank. It will enable focused attention and align the system to serve selected clients.
The bank will also offer cash-back reward, fee-waiver, discount on services like bank guarantees and letters of credits among others to those select customers
Aligning with the latest Fintech solution, BNB launched a new iteration- Loan Origination System (LOS).
LOS is a digital system to manage applications and loan disbursement system. It helps in simplifying document appraisal process. The new feature will accelerate loan delivery, automate repetitive tasks, track loan applications and enable more transparent decisions.
For the financial institutions, LOS enables user to create data-driven solutions. The new feature is expected to improve the credit management system of the bank.
Finance Minister, Namgay Tshering, who inaugurated the corporate building said that bank’s credit relationship has grown by over 40 times from Nu 687 million to about Nu 30 billion in four decades. “There is immense development in the bank. It is one of the banks that offer employment opportunities and a high salary to the employees,” he said.