Citizens Financial Group Inc., the Providence, R.I., arm of Royal Bank of Scotland Group PLC, has agreed to offer the MasterCard Payment Gateway to its corporate clients and their networks of suppliers.
The $167 billion-asset Citizens and MasterCard Inc. announced the agreement Wednesday.
Citizens said it plans to use the full functionality of the gateway, which lets corporate buyers use purchasing cards, automated clearing house transfers and other electronic payment forms to conduct transactions with their suppliers.
Citizens said the payables system would be more robust for its customers and could increase their productivity and profits with enhanced security while simplifying the entire payments process.
In addition to offering a single interface for corporate customers to use for various kinds of payments, the gateway facilitates streamlined reconciliation and posting to corporate accounts payable and accounts receivable systems, the two companies said.