|
Citigroup Global Transaction
Services and MasterCard International have signed a multi year agreement to launch
commercial cards in Asia/Pacific.
Under the agreement, Citigroup will provide MasterCard-branded card payment solutions to multinational corporate clients in the
region through their Citibank® Commercial Cards business. With these solutions, companies and governments will have an
easy, convenient way to manage travel and entertainment expenses and pay for key supplies, control employee spending limits,
meet cash flow needs, and track business expenses. The program will be launched in Hong Kong and Australia and expanded in
Malaysia and Singapore.
”We are very pleased to bring our commercial cards program to corporate clients across Asia/Pacific. As the only bankcard
provider that can issue commercial card products in over thirty countries, supporting clients with best-in-class solutions and
market-leading expertise that enables greater process improvements and delivers bottom line savings is paramount to our
strategy,” said Steven Murphy, business head for Citibank® Commercial Cards in Asia.
“At MasterCard, we understand that corporations face a tougher choice than ever before and the procurement needs go far
beyond a well-accepted payment card. Payment solutions must take an end-to-end integrated approach that works with existing
or future processes to provide continuous improvements in efficiency and control,” said Peter Gordon, vice president,
Commercial Payment Solutions, Asia/Pacific, MasterCard International. “Today, the competition corporations’ face is tougher
than ever and every effort to streamline spending, control costs, and eliminate paper work pays off in greater efficiency and
agility,” he concluded.
The Citibank Commercial Cards program, with MasterCard-branded cards, provides a payment solution that allows a corporation
to enhance payment procedures and improve business performance. By streamlining labor and time intensive procurement
processes, these solutions save time and money, reduce or eliminate paperwork, allowing management to improve front and
back end controls through comprehensive information reporting and flexible authorization options. Implementing a corporate
card program could potentially result in savings of up to 50% per year for a corporation. Clients may use the card program for
high frequency, low-quantum spending (for items such as office supplies or spare parts) and the program is popular with users
due to its simplicity and broad acceptance. With it, employees can make purchases easily, without the complications involved in
securing purchase orders or checks.
See
other recent news from:
MasterCard
|
