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MetLife and Citibank, N.A. Launch Bangladesh’s First Host-To-Host Electronic Payment Processing Platform
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Rhea-AI Sentiment
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Rhea-AI Summary
MetLife Bangladesh and Citibank have launched the first Host-to-Host (H2H) payment processing platform in Bangladesh, utilizing the Central Bank's Electronic Fund Transfer Debit network. This innovative platform allows consumers to pay insurance premiums directly from their bank accounts, enhancing payment efficiency for over 1 million MetLife customers. The technology integration was facilitated through Citi's CitiDirect BE online banking platform, aiming to strengthen payment channels for customers preferring electronic transactions.
Positive
Introduction of the first H2H payment processing platform in Bangladesh enhances payment efficiency.
Allows direct payment of insurance premiums from bank accounts, catering to consumer preferences.
Supports over 1 million customers, potentially increasing customer satisfaction.
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None.
HONG KONG--(BUSINESS WIRE)--
MetLife Bangladesh and Citibank, N.A Bangladesh have together launched the country’s first ever Host-to-Host (H2H) payment processing platform using Bangladesh Bank’s (Central Bank of Bangladesh) Electronic Fund Transfer (EFT) Debit network.
As more consumers across Bangladesh choose to pay insurance premiums directly from their bank accounts via EFT, this platform will enable MetLife Bangladesh to more efficiently collect payments from customers who wish to use this channel.
The platform has been delivered through a sophisticated technology integration between MetLife Bangladesh and Citi’s award-winning online banking platform CitiDirect BE.
“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,” said
Ala Ahmad, FCA, Chief Executive Officer of MetLife Bangladesh during a virtual event to inaugurate the new 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”
EFT Debit is one of several digital payment options MetLife Bangladesh offers to help customers conveniently and securely pay their premiums online. For more information, visit: https://www.metlife.com.bd/support/pay-premium/
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com
MetLife Bangladesh is the leading international life insurer in the country serving over a million customers in Bangladesh. To learn more, please visit: www.metlife.com.bd
American Life Insurance Company is incorporated in the USA as a limited company
