Citi today announced the launch of Citi Virtual Card Accounts, its next generation payment solution, designed to provide institutions with greater security, flexibility and control.
The new service generates unique "virtual" card numbers for transactions, allowing administrators to dynamically set spending and reconciliation controls on each virtual card account.
"This is an extremely innovative service that we can now offer to our clients worldwide. It provides our clients with real-time virtual card capabilities and strong controls over their transactions to help them further safeguard against risk, improve processes, and maximize their working capital," said Paul Simpson, Citi's Global Head of Treasury and Trade Solutions.
Better Control and Process Efficiency
Citi's Virtual Card Account solution provides enhanced security and control in managing organizational expenses. Clients can generate a unique virtual card number and assign custom reference data for each transaction, making reconciliation fast and easy. Citi Virtual Card Accounts are a secure, electronic solution for post-invoice payments and "card-not-present transactions" made via the Internet, phone, or mail order. They can complement an organization's existing commercial card program to better manage recurring business purchases or improve control of one-off strategic purchases.
Global Solution, Global Consistency
Citi has partnered with MasterCard to integrate their inControl virtual card platform into its core commercial cards processing systems to provide a single, consistent virtual card solution to its customers globally. Citi's Virtual Card Account solution is available globally, with local currency issuance and settlement in nearly 50 countries. No other commercial card issuer provides this level of consistency and global reach.
Virtual Card Accounts are an extension of Citi's innovative card solutions and further extend Citi's Procure to Pay suite to include traditional and electronic payments via ACH, buyer-initiated purchasing cards, and now single-use virtual cards.