Bringing in a tool with enhanced security and aimed at comprehensive expense management, Citi India has unveiled its Citibank Commercial Cards for its corporate clients.
The new Citibank product is a chip-embedded commercial card supported by a global expense data management function. Citibank Commercial Cards offers world-class business payment services enabling Indian companies to strengthen their financial operations and control over expenses.
What is so unique about the Citibank Commercial Cards? Going by what the bank has stated, a slew of positives come automatically to the card user. Apart from the highest acceptance rate at merchants globally which the card enjoys, there are a host of benefits awaiting the Citibank Commercial Card user.
A corporate customer who uses the commercial card will be able to use the account management platform which captures transaction information the instant the card is used. This info is sent to the company’s expense management system. Thus, it is as good as simplifying the complex reimbursement and approval procedures and enhancing efficiencies for both companies and employees.
Besides this, the Citibank Commercial Card also allows Indian companies to manage travel expenses through a centralized travel account solution.
Users of the commercial card also will have greater control and visibility of expenses, the bank has said. Companies will be able select categories of expenses consistent with its internal policies, while personal expenses and advances for business travel would no longer be issues as the companies can selectively permit cash withdrawals and expense categories, it said.
MIS tools that the commercial card has deployed make it easier for companies for stronger price-negotiation position with the merchants they frequently visit to save costs.
With the unveiling of the new product, Citi has added a new payments’ product portfolio to comprehensively cater to the expense management needs of corporate clients, the bank has said. It is believed that at a time when corporates in India are increasingly looking for solutions that streamline expense management and save costs, the launch of the new product with fraud protection capabilities and global acceptance across Visa and MasterCard merchants, comes as an addition to the many unique innovations that have happened in the financial sector.
The card’s launch has also been hailed by MasterCard and Visa. It is a fact that India is the latest market in Asia where the product has debuted. The Commercial Cards from Citi are already present in Australia, Hong Kong, Japan, Korea, Singapore, Taiwan and Malaysia. Going by what Citi has to say, about 3,000 of the world’s largest companies use the product to manage their expenses