Citibank, NA Bangladesh and MetLife Bangladesh have joined hands to introduce the country’s first-ever receivable host-to-host (H2H) solution using Bangladesh Bank’s EFT Debit (Electronic Fund Transfer) network.
This solution is expected to enable MetLife Bangladesh to further enhance the effectiveness of its EFT premium collection from a large number of customers, who use this channel, as digital insurance premium payments through electronic funds transfer from a bank account is gaining popularity, according to a news release.
The central bank’s 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 is said to have been delivered through sophisticated technology integration between MetLife Bangladesh and Citi’s award-winning online banking platform CitiDirect BE.
The two organisations shave inaugurated this new electronic payment processing platform through a recently held virtual event, they said.
“One of our core missions in Bangladesh is to bring innovation and new products which benefit the local industry,” N Rajashekaran (Shekar), Citi Country Officer, said speaking of the importance of such an initiative.
Ala Ahmad, Chief Executive Officer of MetLife Bangladesh, added, “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 1.0 million customers.”