Institution: Bank Asia Ltd Exam: Bank Asia Ltd - Management Trainee Officer - 22.05.2015 ||
Topic: Bangladesh GK, Subject: Bangladesh GK (বাংলাদেশ বিষয়াবলী)

Best Answer Explained in Below-:

The question asks which option is not a multilateral electronic clearing system for exchanging electronic payment instructions. To break this down:

1. **BEFTN** (Bangladesh Electronic Funds Transfer Network) is a recognized multilateral electronic clearing system used in Bangladesh to facilitate the transfer of funds between multiple banks electronically.

2. **Pulse (Inter bank Network)** is a payment network that enables quick and efficient interbank transactions, which qualifies as a multilateral electronic clearing system.

3. **RBIEFT** (RBI Electronic Funds Transfer) is an electronic payment system established by the Reserve Bank of India that allows for bulk and retail fund transfers across multiple banks, thus also serving as a multilateral system.

4. **HEXAGON**, on the other hand, is not widely recognized as a multilateral electronic clearing system. While there may be initiatives using the name or similar concepts, it does not function as a formal system for exchanging electronic payment instructions on the same scale or complexity as the other options listed. Therefore, it does not meet the criteria of a multilateral electronic clearing system which requires broader acceptance and operation across multiple banks or financial institutions.

In summary, while BEFTN, Pulse, and RBIEFT are established electronic funds transfer systems, HEXAGON does not fit the definition, making it the correct answer to the question.