Dhaka, Bangladesh (BBN)– IDLC Finance Limited – the largest multi-product Financial Institution in Bangladesh has recently signed a Direct Debit Agreement with Citibank N.A. Bangladesh.
Direct Debit will allow IDLC Finance Limited to pull funds from its customers in local currency in a timely fashion and will digitalize the entire Check Collection process.
Using Citi Direct, Citibank’s award winning internet banking platform, IDLC will submit digital instructions to Citi for individual/bulk transaction request to IDLC’s Debtor’s Bank on the designated due dates to pull the Funds from the respective accounts.
Selim R.F. Hussain, CEO & Managing Director of IDLC Finance Limited said, “We have a strong technology backbone and we will support and utilize the country’s EFT platform to the extent possible”.
Rashed Maqsood, Managing Director & Citi Country Officer for Citibank, N.A. Bangladesh stressed on the need for transforming Bangladesh’s payment and collection landscape into an electronic platform, which will enable efficient and secured processing of transactions.
Moinul Huq, Head of Treasury & Trade Solutions, Citibank, N.A. Bangladesh reiterated that Citi has been a frontrunner in the EFT arena where electronic-to-paper ratio is over 40 per cent within 3 years of the launch of the platform by Bangladesh Bank, whereas the industry average is close to 5.0 per cent at present.
Senior officials from both the companies were present during this signing ceremony.
BBN/SSR/AD-26Sept14-9:57am (BST)
