Citi Bangladesh Wins Best Service Provider for E Solutions from Asset Magazine

 

Citi Bangladesh has been named Best Service Provider for E Solutions at the annual Triple A Treasury, Trade and Risk Management Awards for 2015 from The Asset Magazine.

The award winning solution that Citi Bangladesh provided to its client, Reckitt Benckiser (RB), is the digitization of its collections process across Bangladesh by utilizing the Bangladesh Electronic Fund Transfer Network (BEFTN) platform. This has led to a number of key benefits for the client including the elimination of dependency on paper checks by using an electronic platform for collection, minimizing the risk of fraud and/or lost instruments, allowing faster Turn Around Time (TAT), and also ensuring a more efficient cash cycle with higher visibility and control.

Nayan Mukherjee, Finance Director of Reckitt Benckiser said, “Removing paper from treasury processes is always a big priority for global companies like Reckitt. Citi has helped us to leverage the BEFTN platform to transform many of our paper based flows into electronic payments. This has helped in automating our reconciliation too, for part of our total collection. We are thankful to Bangladesh Bank for introducing BEFTN, which is a massive step forward in modernizing the banking infrastructure in Bangladesh.”

On this important win, Moinul Huq, Director and Head of Treasury and Trade Solutions, Citi Bangladesh said, “This win demonstrates Citi’s commitment to providing the best solutions to its clients in evolving electronic payment landscape of Bangladesh in sync with Bangladesh Bank’s groundbreaking initiatives towards achieving digital excellence”.

Citi has won 25 awards in total throughout the region, including Transaction Banker of the Year (International Bank) for Amol Gupte, Transaction Banker of the Year (ASEAN) for Melvyn Low, Best Treasury and Cash Management Bank in ASEAN and twenty-two country awards. (Source: Press Release)