OSSL gets licence to run payment system

Technology solution company Optimum Solution and Services Ltd (OSSL) has received the Payment System Operator (PSO) licence from the Bangladesh Bank.

By obtaining this license, OSSL will be able to operate as a PSO under the brand name Easy Payment System (EPS), said a press statement.

A circular regarding the license was issued by the Payment Systems Department (PSD) of Bangladesh Bank on August 23.

The issued circular was sent to the Managing Directors, Chief Executives of all scheduled banks, mobile financial services providers, payment system operators and payment service providers in the country.

The circular states, “According to the ‘Bangladesh Payment and Settlement Systems Regulation – 2014’ issued under Section 7(A)(E) of Bangladesh Bank Order 1972, Optimum Solution and Services Ltd. (OSSL) has been licensed as a Payment System Operator (PSO) to run its operations within under the brand name of Easy Payment System (EPS)”.

The Payment Systems Department (PSD) of Bangladesh Bank has so far granted licenses to a total of seven institutions as Payment System Operators (PSO). EPS is one of them.

With this authorisation, EPS is able to provide financial transaction services to individuals and businesses.

EPS promises to unveil new horizons to the digital financial ecosystem. Thereupon, the theme of EPS always remained “Easy Solution for All Transactions”.

With a PSO licence, a company can operate a settlement system for payment activities among participants of which the principal participant must be a scheduled bank or financial institution; such as payment gateway, payment aggregator etc.