Citi, IDLC sign direct debit agreement

IDLC Finance Limited has signed a direct debit agreement with Citibank Bangladesh.

The agreement will allow IDLC Finance to draw funds from its customers in local currency in a timely manner and digitalise the entire cheque collection process, a Citibank press release said on Thursday.

Using Citi Direct, Citibank’s internet banking platform, IDLC will submit digital instructions to Citi for individual or bulk transaction request to IDLC’s Debtor’s Bank on the designated due dates to draw the funds from the accounts, it said.

Citibank claims to be the pioneer in promoting electronic fund transfer in Bangladesh.

In the statement, Citibank Country Officer Rashed Maqsood stressed the need for transforming Bangladesh’s payment and collection systems into an electronic platform, saying it will enable efficient and secure processing of transactions.