Dhaka, Bangladesh, Oct. 23 -- The central bank of Bangladesh has updated its electronic funds transfer system that will come into effect from October 24 to facilitate business activities across the country.

Under the update system, payments will be settled within a day instead of the existing next day by using the updated Bangladesh Electronic Funds Transfer Network (BEFTN).

Currently, the corporate entities are able to pay their employees' salaries, utility bills, IPO refund warrant, company dividend and other payments by using electronic funds transfer network without cheques.

The central bank issued a circular in this connection on Tuesday, and asked the managing directors and chief executive officers of all scheduled banks for taki...