Section 2A. The collector, with the approval of the city council in cities, the board of selectmen in towns and the town council in municipalities having a town council form of government, is hereby authorized to enter into agreements for a term of not more than three years with one or more banks as defined in chapter one hundred and sixty-seven or a national banking association or a savings and loan association authorized to do business in the commonwealth designating such bank or banking association or a savings and loan association to receive payments of any taxes or other accounts payable to such city or town. Said agreement shall provide that any tax or other account received by a designated bank shall be processed and credited in the same manner as if such payment had been received in such day directly in the office of such tax collector. Any such payment shall be subject to the provisions of chapters forty-four, sixty and sixty A of the General Laws. Any designated bank or national banking association or a savings and loan association shall indemnify said city or town and the officers, agents and employees thereof for any losses sustained by it or them on account of the negligence of such bank or national banking association or a savings and loan association or its failure to perform faithfully its duties and obligations pursuant to any such agreement.