Citibank NA Bangladesh and MetLife Bangladesh have partnered to introduce the country's first ever receivables host to host (H2H) solution using Bangladesh Bank's EFT Debit (electronic funds transfer) network.
As digital insurance premium payments through electronic funds transfer from bank accounts gains popularity, this solution will enable MetLife to further increase the effectiveness of their EFT premium collection from 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, said a media statement issued on Saturday.
The platform will work through sophisticated technology integration between MetLife Bangladesh and Citi's award winning online banking platform CitiDirect BE.
In this regard, the two organisations recently held a virtual event to inaugurate this new electronic payment processing platform.
Speaking at the event, 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 MetLife Bangladesh"
Ala Ahmad, chief executive officer of MetLife Bangladesh said, "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," he added.