Citi offers virtual card accounts

October 29, 2018 | 12:46

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Citi now offers its corporate clients the innovative commercial cards in Vietnam, including Business-to-Business (B2B) solutions and Virtual Card Accounts (VCA) for payables, as well as travel solutions such as corporate cards for travel and entertainment purposes.

These solutions are testimony to commitment that Citi has made in providing greater efficiency, control and transparency to help corporate clients more effectively manage their payment and expense management processes in a seamless, streamlined and accountable manner.

Commenting on the launch, Citi country officer for Vietnam Natasha Ansell said, “We are delighted to add on to our comprehensive and market-leading suite of institutional banking products for our global multinational and local corporate clients in Vietnam. This launch is a further demonstration of our commitment to the country and the development of its economy, local enterprises, banking and financial industry, and its people.”

Jared Mecham, Citi Treasury and Trade Solutions head for Vietnam added, “Globalisation and changing business trends have had a significant impact on the volume of travel and entertainment expenses, as well as B2B payments. At the same time, economic pressures are leading corporates to reduce expenses, tighten working capital and release trapped liquidity. In this fast evolving corporate landscape, our clients need to focus on being digital, centralised and globally compliant, and our sophisticated Commercial Card solutions allow them to do that.”

Citi offers Virtual Card Accounts

“The launch of Citi’s commercial cards solution in Vietnam signifies the continued expansion of our business globally and in Asia. Vietnam is the 13th and latest market in the region where we now offer our commercial cards product suite on our proprietary platforms, covering comprehensive solutions for corporate travel and procurement needs. We remain committed to offering our clients digital and innovative solutions to help them simplify their banking, heighten efficiency and meet the evolving needs of their organizations in today’s rapidly changing business landscape,” said Deven Somaya, Citi head of Commercial Cards for Asia Pacific, Treasury and Trade Solutions.

With this launch, Citi will also be the first bank in Vietnam to offer VCA, a next-generation global digital payment solution designed to provide corporates with greater security, flexibility and control over organisational expenses.

With VCA, corporates are able to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card number based on their specific purchasing needs. VCA safeguards against unauthorised spend, helps prevent fraudulent purchases, simplifies reconciliation and eliminates manual paper-based payments with a faster, more efficient and traceable electronic payables solution.

The Citi Commercial Cards proposition offers distinct and unique value propositions for corporate clients by providing

1. Maximum Global Acceptance: Citi cards are accepted at 45+ million merchant locations and 1,900,000 ATMs in over 200 countries and territories.

2. Broadest Proprietary Network: Service in over 100 countries including 65 local currency card programs, 45 currencies and over 28 languages. Consistent Citi managed programs and products, implementations and service around the globe.

3. Global Data and Global Reporting: Citi’s unified global technology system and single data repository provides our clients a complete view of their global program data, through a minimal number of reporting tools, with extractable common data attributes and standardized reporting – this facilitates unmatched control and visibility.

4. Customized Global File Integration: Flexible and customizable Expense Management Systems (EMS) and Enterprise Resource Planning (ERP) systems, e.g. SAP, Concur, and Oracle file integration capabilities across the globe – this includes both format and frequency.

5. Expansion and Innovation Investment: Citi continues to be committed to invest in our products and services – we are focused on global expansion, streamlined management and servicing, and our core capabilities of innovative and efficient solutions.