Citi has announced the launch of Citibank Paylink for Cards, an electronic payment solution, which is developed by its global transaction services business in partnership with MasterCard.
According to MasterCard, Citibank Paylink for Cards is 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.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.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. Rick Hanna, global head of commercial cards at Citibank, said: "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. 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."Shari Krikorian, vice president of MasterCard Worldwide, added: "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."
