Citi is tapping Mastercard Send to enable its corporate and public sector clients in the US to send funds directly to a consumer debit or prepaid card account.
Citi’s Treasury and Trade Solutions' Payment Exchange platform lets commercial clients make B2C transfers via their customers' preferred method.
The bank has now integrated Mastercard Send, which reaches virtually all consumer and small business debit cards. This means people won’t need to receive a cheque in the mail, deposit a cheque, or share sensitive bank routing information to get access to their payment. In addition, they will benefit from near immediate access to funds.
Alberto Casas, North America head, payments and receivables, with Citi Treasury and Trade Solutions, says: “In today’s world, consumers expect choice and offering customers a broader mix of payment options can provide a significant competitive advantage.”
Chiro Aikat, EVP, North America product and innovation, Mastercard, adds: “Expanding our long-standing relationship with Citi allows us to provide more corporate and public sector organizations with game-changing services to transact in near real-time and with certainty.”