Citibank, N.A. Bangladesh successfully established Host-to-Host (H2H) connectivity with M&J Group to enable them to automate their domestic payment solutions.
With business models becoming more complex, and international buyers seeking for more efficiencies in supplier's core operational process, M&J Group decided to integrate their ERP (Enterprise Resource Planning) system (Oracle) with Citi.
The online banking platform will ensure faster and more secured payments for the group's business, said a statement.
H2H will enable secure electronic data transfer between Citibank, N.A. and M&J Group's ERP system. This connectivity will allow M&J Group to exchange information in their preferred file formats, network protocols, and security standards further solidifying Citi's ability for digital customization. Citi remains the go to partner for clients' digitization initiatives.
M&J Group is a pioneer in digital payments in Bangladesh. It is currently paying their full work force through mobile wallet. Majority of the group's suppliers and other stake holders are receiving payments through Bangladesh Electronic Funds Transfer Network (BEFTN), Real-Time Gross Settlement (RTGS) and National Payment Switch Bangladesh (NPSB) with Cheque and Cash money usage at almost nil levels.
Mr. Moinul Huq, Head of Treasury and Trade Solutions, Citibank, N. A. Bangladesh said, "This is an important milestone for Citi; yet again we have shown our commitment to partner with our clients. This timely initiative by M&J Group has made them one of the pioneers in the local readymade garments industry to go for payment integrations in such a large scale."
"I am very happy with the system as it is very easy to use, and it makes the admin side of payments much easier. We look forward to many more such partnerships with Citibank N.A." said Mr. Salahuddin Ahmed, Managing Director, M&J Group.
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