Citi NA, MetLife Bangladesh integrate online payment platforms

Citibank, NA 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 funds transfer) network, a move that will reduce manual works significantly.

As digital insurance premium payments through electronic fund transfer from bank accounts gains popularity, this solution will enable MetLife Bangladesh to further increase its effectiveness regarding premium collection from a large number of customers.

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.

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, 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.

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 head of banking, capital markets and advisory at Citi, said “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”.