Citizens Financial Group Inc. is offering a new credit card that will allow its small-business customers to set spending controls on cards issued to their employees.
The $132 billion-asset company said Thursday that its accessCARD Command is available at no charge to business customers of its Citizens and Charter One banks that have annual revenue of less than $25 million.
Using technology developed by MasterCard Inc., the card lets business owners set spending controls and pre-determines what goods and services their employees are permitted to buy. Employers will receive real-time updates on account activity via text or e-mail alerts.
In a news release, Citizens said it is the first banking company in the country to offer the technology to small-business customers. Stephen Wooters, Citizens' head of commercial cards, said that the company developed the card in response to customer demand.
"We know from our customers that there is a strong and growing demand for technologies that can help them conduct their banking business more easily and more efficiently," Wooters said.
