Citi Brings Commercial Cards to India

by CXOtoday Staff    Sep 25, 2008

Citi India has launched Citibank Commercial Cards (CCC), 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. The idea behind the concept is to allow Indian companies to strengthen their financial operations and control over expenses.

Ashish Bajaj, managing director and global transaction services head of India said, “About 3,000 of the world’s largest companies use CCC to manage their expenses and we are delighted to introduce our customers in India to the benefits of this platform.”
The cards offers value propositions for corporate clients by providing:

Automated reporting capabilities: The account management platform captures transaction information the instant the card is used and sends this data seamlessly to the company’s expense management system. This simplifies reimbursement and approval procedures and enhances efficiencies for both companies and employees.

Travel management solutions: 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.

Control and visibility of expenses: The platform allows companies to permit only select categories of expenses consistent with its internal policies.

Financial savings: Through state of art MIS tools, companies can gain a stronger price-negotiation position with the merchants.

Unsurpassed acceptance: The cards have been issued in 45 nations in association with the two major payment card organizations, Visa and MasterCard.

V Dinesh, product head of trade and treasury solutions, (Global Transaction Services) of Citi India, said, “Indian companies are increasingly looking for solutions that streamline expense management and save costs.”

Today’s corporations need payment solutions that help them to better manage expenses and provide analysis that leverage their buying power with suppliers, said Matthew Driver, senior vice president and general manager, Global Accounts, AsiaPacific, Middle East and Africa, MasterCard Worldwide.

Santanu Mukherjee, country manager, Visa for South Asia, said, “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 the commercial cards in Australia, Hong Kong, Japan, Korea, Singapore, Taiwan, and Malaysia.

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