Citi To Offer Expense Mgmt Tool For Corporates

Citi India has announced the launch of Citibank Commercial Cards, a comprehensive expense management tool for corporate clients, front ended by a chip-embedded commercial card for enhanced security. Supported by a global expense data management function, this product offers business payment services enabling Indian companies to strengthen their financial operations and control over expenses.

Ashish Bajaj, managing director and global transaction services head, Citi India, said, “With this launch, we have enriched our payments’ product portfolio to comprehensively cater to the expense management needs of corporate clients. We are delighted to introduce our customers in India to the benefits of this global expense management platform.”

The Citibank Commercial Cards proposition provides:

-- Automated reporting capabilities: The account management platform provided by Citibank Commercial Cards captures transaction information the instant the card is used and sends this data seamlessly to the company’s expense management system. It, thus, simplifies the reimbursement and approval procedures and enhances efficiencies for both companies and employees.

More from Biztech

Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

-- Specialised travel management solutions: Citibank Commercial Cards allow companies to effectively manage travel expenses through a centralised travel account solution. For companies with significant international interests, the card’s uniform global platform can integrate expenses from their branches around the world, meeting accounting requirements and regulations of all countries.

-- Greater Control and Visibility of Expenses: The platform allows companies to permit only select categories of expenses consistent with its internal policies. Personal expenses and advances for business travel are no longer issues as the company can selectively permit cash withdrawals and expense categories.

-- Financial Savings: Through state-of-the-art MIS tools, companies can gain a stronger price-negotiation position with the merchants they frequently visit to save costs.

V Dinesh, product head of Trade and Treasury Solutions, Global Transaction Services, Citi India, said, “Indian companies are increasingly looking for solutions that streamline expense management and save costs. We are proud to launch this chip-based corporate card with fraud protection capabilities and global acceptance across Visa and MasterCard merchants.”

“Today’s corporations need payment solutions that help them to better manage expenses and provide analysis that leverage their buying power with suppliers. We are delighted that Citibank is launching its Commercial Cards in India integrating expense management tools from MasterCard,” said Matthew Driver, senior vice president and general manager, Global Accounts, Asia/Pacific, Middle East and Africa, MasterCard Worldwide.

Santanu Mukherjee, Visa’s country manager, South Asia, said, “Visa Commercial Solutions provide businesses and governments with the tools they need to streamline their payment processes, increase business expenditure visibility and reduce administrative costs.”

India is the latest market in Asia where this product has been launched in response to growing demand for cross-border financial services.