Supported by a powerful global expense data management function, this product offers world-class business payment services enabling Indian companies to strengthen their financial operations and control over expenses. Announcing the launch, Ashish Bajaj, Managing Director and Global Transaction Services Head of India said, "Citi has long been the pioneer of cash management solutions in India and with this launch; we have enriched our payments' product portfolio to comprehensively cater to the expense management needs of corporate clients. About 3,000 of the world's largest companies use Citibank Commercial Cards to manage their expenses and we are delighted to introduce our customers in India to the benefits of this platform."
The Citibank Commercial Cards proposition offers distinct and unique value propositions for corporate clients by providing:
-- 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. Thereby, simplifying the complex reimbursement and approval procedures and enhancing efficiencies for both companies and employees.
-- Specialized travel management solutions: Citibank Commercial Cards allow companies to effectively manage travel expenses through a centralized 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 art MIS tools, companies can gain a stronger price-negotiation position with the merchants they frequently visit to save costs.
-- Unsurpassed acceptance: Citibank Commercial Cards enjoy the highest acceptance rate at merchants globally. The cards have been issued in 45 nations in association with the two major payment card organizations, Visa and MasterCard, and are accepted worldwide. Following a company's business expansion to all corners of the world, the card can be used anytime and anywhere
-- Global Service Network: Over 3,000 corporate clients globally have selected Citibank(r) Commercial Cards as their preferred partner, leveraging Citi's exemplary customer service infrastructure, experience in addressing various sector specific needs, and our ability to provide tailor made solutions.
Commenting at the launch, 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 India's first chip-based corporate card with superior fraud protection capabilities and global acceptance across Visa and MasterCard merchants."
Citibank Commercial Cards are the first genuine globally accepted corporate cards branded by both VISA and MasterCard in India.
"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 world class Commercial Cards in India integrating award-winning expense management tools from MasterCard", said Matthew Driver, Senior Vice President and General Manager, Global Accounts, AsiaPacific, 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 help streamline their payment processes, increase business expenditure visibility and help to 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. Citi has earlier launched Commercial Cards in Australia, Hong Kong, Japan, Korea, Singapore, Taiwan and Malaysia. Globally, these cards have been issued to more than 3,000 companies in 45 nations and are accepted worldwide.