Citigroup Announces Creation Of Global Data Repository For Commercial Card Clients
Repository Allows Insight into Corporate Spending Patterns on Global Basis
April 15, 2003, New York – Global Transaction Services, a member of Citigroup, the premier global financial services company (NYSE:C), announced today the creation of a global data repository that allows commercial card clients insight into their corporate spending patterns on a global basis.
The Citibank® Global Data Repository is a proprietary Citigroup capability that is a breakthrough in the commercial card arena and currently consolidates data for reporting and file delivery from 15 countries, growing to a total of 30 countries projected by year-end. "We're very excited to be first to market with this repository that consolidates and normalizes data from merchants, allowing our clients to evaluate their procurement and corporate travel expenses on a global basis," said Gary Schneider, Global Business Manager for Citibank® Commercial Cards. "Clients can use this information to not only evaluate spend patterns, but also enforce policy and negotiate global deals with vendors from an informed, knowledgeable position by using our ad hoc reporting tool to quickly access and mine the data," Schneider added.
In addition to consolidating clients' data from their commercial card transactions, the Citibank Global Data Repository incorporates enhanced, line-item detail, as well as data from other sources such as account administration. This consolidated global data is provided back to the client via file delivery and can be integrated with a wide variety of financial systems. Previously, this information was consolidated at the country level and was not available to clients at a global level without extensive data re-keying and file manipulation.
Filling a void in the commercial card market, the Citibank Global Data Repository serves the needs of any company that has employees in more than one country who pay for travel or make purchases using a commercial card. The potential to receive consolidated data which includes transactions conducted with any one of the more than 29 million MasterCard and/or Visa merchants worldwide, coupled with enhanced data, will allow these companies to negotiate with major airlines, hotel chains, car rental agencies and travel reservation companies.
Having built this repository, the Citibank Commercial Cards business is now poised to expand its program management and reporting tools globally via standard and ad hoc reporting, online analytical processing (dynamic queries), online statements and invoices, file delivery and expense reporting for employees in the future. Citibank Commercial Cards offers card programs in 28 countries used by over one million corporate cardholders.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica,
Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional
information may be found at:
www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup Global Transaction Services is a leading provider of integrated
cash management, trade, securities services and commercial card
solutions to corporations, financial institutions and governments
around the world. The Citibank® Commercial Card solutions
- Citibank® Corporate Card, Purchasing Card, One
Card and Electronic Account - deliver the industry's most advanced
and innovative Web-based purchasing, payment, expense management
and data integration solutions for business-to-business transactions.
Citigroup is the largest bankcard issuer in the United States. For
more information on Citibank® Commercial Card solutions,
please visit www.citimanager.com
