Citi Treasury and Trade Solutions
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The Solution
Citi presented its E-Collect solution to IDLC,
an automated solution for collections and the
reconciliation of collections. An innovative
reconciliation process was enabled by combining
IDLC’s account number with the respective
collection bank code. This combined identifier is
captured on the account statement along with
the bank name to provide a unique code for
identifying and automatically reconciling
information from each sender using
sophisticated payer information matching.
The Result
IDLC was the first organization to go live with
Citi’s E-Collect solution in Bangladesh, with
anticipated volumes of USD8.7 million annually.
This gives the institution a significant
operational advantage over its competitors.
Citi’s solution is highly scalable, enabling IDLC to
increase collection volumes and the number of
nominated bank branches without increasing
administration. In addition to automating the
collection and reconciliation of monthly
statements, IDLC receives timely and accurate
management information.
Based on the success of this project, IDLC is now
in a position to deliver products to customers
that were not feasible operationally in the past,
such as re-launching its monthly deposit
scheme, leveraging Citi’s E-Collect, electronic
funds transfer and online banking capabilities.
This enables IDLC to maintain and enhance its
competitive position and deliver a superior
experience to its clients.
“Introducing Citi’s E-Collect and
electronic funds transfer solution
has been a major step forward
in meeting our automation plans
and a key driver of our strategic
initiative to provide the best possible
customer experience.”
Ziaul Hoque Khan,
Deputy Managing Director and CFO,
IDLC Finance Limited
