Citigroup to Expand Commercial Card Programs across Asia/Pacific
Programs to provide corporations with MasterCard-branded commercial payment solutions initially available in Australia, Hong Kong, Malaysia and Singapore
Hong Kong, 9 November 2004 – Citigroup Global Transaction Services, a unit of Citigroup (NYSE: C) and a leader in transaction processing, and MasterCard International today announced 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.
Citibank Commercial Cards business offers card programs in over 30 countries used by over one million corporate and government cardholders. Corporate and government clients manage their programs via a robust set of management and reporting tools globally which include standard and dynamic reports, online analytical processing of the Citibank® Global Data Repository, online statements and invoices and file delivery. These industry leading analytical tools are available in each launch country to ensure that Citibank Commercial Cards multinational clients have a globally consistent product set, regardless of the region where they are located.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
has some 200 million customer accounts and does business in more
than 100 countries, providing 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, 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 finance, securities and fund services and commercial
card solutions to corporations, financial institutions and governments
around the world. The Citibank® Commercial Cards products
– 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 Cards, please
visit www.citimanager.com.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCardâ, Maestroâ and Cirrusâ and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Pricelessâ advertising campaign is now seen in 97 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com.
