NEW YORK
and
PURCHASE, N.Y.
,
/PRNewswire-FirstCall/ -- Citi today announced the launch of Citibank(R) Paylink for Cards, an end-to-end electronic payment solution for corporations, financial institutions and public sector clients, that combines the capabilities and benefits of a purchasing card with the control and consistency of a traditional electronic payment process.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20061031/MCLOGO
)
Developed by Citi's Global Transaction Services business in partnership with
MasterCard
, Citibank Paylink for Cards integrates a purchasing card into a client's accounts payable system giving the client the ability to streamline their vendor payments. This solution seamlessly passes information to all necessary parties -- from settlement through reconciliation -- without manual handling therefore connecting buyers and suppliers more efficiently and securely than ever before.
The MasterCard Payment Gateway acts as the network between Citi, the buyer and the supplier to simplify the entire payment process. Prior to the availability of Citibank Paylink for Cards, buyers had multiple interfaces and inefficiencies in their payment processes. Now, buyers have one electronic solution for all of their payment options, including commercial cards and Electronic Funds Transfer (EFT). This comprehensive payment solution is simple, secure, and easy to implement because
it leverages existing processes and infrastructure.
This capability is an important component of Citi's financial supply chain solution -- Citi(R) Procure to Pay -- and helps clients meet their strategic goals of optimizing purchasing card programs, capturing efficiencies, and increasing value for their organizations.
Operational Efficiency and Transparency
"Citibank Paylink for Cards improves overall processing efficiency and also provides greater transparency and control to corporate clients in their day-to-day management of supplier payments," said
Rick Hanna
, Global Head of Citibank Commercial Cards. "In addition to offering this service to our corporate customers, Citi will also benefit by using this streamlined, efficient solution for our own internal accounts payable integration and automation."
"This customized enhancement, afforded by the MasterCard Payment Gateway, clearly demonstrates our commitment to driving value for our customers and innovating for the industry," said
Shari Krikorian
, Vice President, MasterCard Worldwide. "By integrating and automating business-to-business payment processing, the MasterCard Payment Gateway will allow Citi to increase commercial payment volumes, deepen customer relationships and differentiate it from the competition."
Benefits for Buyers and Suppliers
Buyers that rely on Citibank Paylink for Cards enjoy a streamlined payment process using a solution that seamlessly integrates with existing accounts payable systems. Buyers benefit from increased efficiency, security and control, as well as the ability to negotiate volume pricing with select vendors from increased card usage volume.
Suppliers that submit invoices for payment with Citibank Paylink for Cards benefit from automated payments with straight through processing, decreased paper check processing costs, automated reconciliation of remittance information for common payment types and preferences among buyers that pay electronically.
Features of Citibank Paylink for Cards include:
For more information about Citibank Paylink for Cards go to
www.citimanager.com/paylinkforcards
.
Global Transaction Services, a division of Citi's
Institutional Clients Group
offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 140 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 2nd quarter of 08, it held on average
in liability balances and
in assets under custody.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include
Citibank
,
CitiFinancial
,
Primerica
,
Smith Barney
,
Banamex
, and Nikko. Additional information may be found at
www.citigroup.com
or
www.citi.com
.
About
MasterCard
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor,
MasterCard
develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R),
MasterCard
serves consumers and businesses in more than 210 countries and territories. For more information go to
www.mastercard.com
.
SOURCE
MasterCard International
CONTACT:
Nina Das
, Citi, +1-212-816-9267;
nina.das@citi.com
,
Erica Harvill
, MasterCard Worldwide, +1-914-249-6848,
Erica_harvill@mastercard.com
,
Kaitlin Jaxheimer
,
Weber Shandwick
, +1-212-445-8261,
kjaxheimer@webershandwick.com
