CITIBANK, N.A. BANGLADESH AND METLIFE INTRODUCES FIRST-OF-ITS KIND ELECTRONIC PAYMENT PROCESSING PLATFORM
Dhaka September 04, 2021
Citibank, N.A Bangladesh and MetLife Bangladesh have joined hands to introduce the country’s first ever Receivables Host to Host (H2H) solution using Bangladesh Bank’s EFT Debit (Electronic Fund Transfer) network.
As digital insurance premium payments through Electronic funds transfer from bank accounts gains popularity, this solution will enable MetLife Bangladesh to further increase the effectiveness of their EFT premium collection from a large number of customers, who use this channel. EFT Debit provides customers with the convenience of digitally paying their premiums through bank accounts and it does not require physical visits to banks to pay premiums.
The platform has been delivered through a sophisticated technology integration between MetLife Bangladesh and Citi’s award-winning online banking platform CitiDirect BE.
The two organizations recently held a virtual event to inaugurate this new electronic payment processing platform.
Speaking of the importance of such an initiative to Citi, N. Rajashekaran (Shekar), Citi Country Officer, Bangladesh said, “One of our core missions in Bangladesh is to bring innovation and new products which benefit the local industry. We are delighted to launch this Direct Debit H2H Solution in partnership with our valued client, MetLife Bangladesh”
Ala Ahmad, FCA, Chief Executive Officer of MetLife Bangladesh commented, “At MetLife, we strive to enable technological advancements to make our insurance experience better and more convenient for customers. More and more customers now prefer electronic channels for premium payment, and it’s a priority for us to collaborate on strengthening the diverse range of premium payment channels for our over 1 million customers.”
Md. Moinul Huq, Head of Treasury and Trade Solutions, Citibank, N.A. Bangladesh reinforced Citi’s commitment in rolling out world class solutions for the benefits of its clients. “Citi has been pioneering many digital innovations in Bangladesh and has been recognized as the Best Corporate/Institutional Digital Bank in Bangladesh for 13 consecutive years by Global Finance”, he added. He also thanked the Payment System and other Departments of the Bangladesh Bank for their outstanding support and for popularizing electronic payments in the country.
Shams Zaman, Director and Bangladesh Head of Banking, Capital Markets and Advisory at Citi reiterated the strong partnership between MetLife and Citi over more than two decades in the country. “Citi is a pioneer in rolling out organized cash management solutions and that too was in collaboration with MetLife. We are very pleased to have reached this milestone today. The success was powered by MetLife’s trust in Citi and Citi’s data driven approach to come up with this solution”, he commented.