Citigroup's Global Transaction Services business has created a global data repository that consolidates and normalises data from merchants and provides commercial card clients with up-to-the-minute insight into corporate spending patterns.
The Citibank Global Data Repository currently consolidates data for reporting and file delivery from 20 countries, with a total of 30 countries projected by year-end. The repository incorporates enhanced, line-item detail, as well as data from sources such as human resources and account administration. The data is provided back to the client via file delivery and can be integrated with a range of financial systems.
Previously data was consolidated at country level and was not available globally without extensive data re-keying and file manipulation. Citigroup says the global repository is aimed at firms that have staff in more than one country and who pay for travel or make purchases using a commercial card. The receipt of transaction data from more than 29 million MasterCard and/or Visa merchants, consolidated with enhanced data, will allow firms to negotiate with merchants.
Gary Schneider, global business manager, Citibank commercial cards, says: "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."
Citibank says its commercial cards business is due to expand its programme management and reporting tools globally via standard and ad hoc reporting, online statements, invoices and analytical processing, file delivery and expense reporting for employees.