Dhaka: Bangladesh Bank has launched new online CIB (credit information bureau) system, which was prepared by its own staff.

Following the introduction of the system, any bank or financial institution can easily receive the online CIB service, especially the credit related information of a client from the centrally controlled data system.

The country's banks and FIs have already started receiving the service from the home-grown newly introduced solution that was launched on 1 October, said a statement of the Bangladesh Bank.

It said a huge foreign exchange would be saved due to the home-grown solution while it would reduce the dependence on the foreign vendors. The banks and FIs would be able to receive a prompt service, even within less than one second.

The new system will save both time and money while it is richer with more information compared with previous system. It is easy to use and many limitations of the previous system were addressed in the new one, said the BB statement.