Press release from Business Wire
Citi to Enhance Its Investment in Its Commercial Cards Offering in Latin America
<p class='bwalignc'> <i>Puerto Rico to be the first to adopt the new technology</i> </p> <p class='bwalignc'> <i>Citi is the first local Commercial Card Issuer to deliver a chip card solution into the market</i> </p>
Tuesday, May 21, 2013
Citi to Enhance Its Investment in Its Commercial Cards Offering in Latin America10:28 EDT Tuesday, May 21, 2013
MIAMI (Business Wire) -- Citi, through its Treasury and Trade Solutions division, announces a significant investment in its Commercial Card issuing business through the launch of its Global Issuing platform in the Latin America region. Puerto Rico will be the first to adopt this new technology, positioning Citi as the first local Commercial Card Issuer to deliver a chip card solution into that market.
As Citi's clients continue to expand internationally, this proprietary operating environment offers a unified global platform that facilitates truly consistent and cutting edge card programs.
Citi Commercial Cards' award winning, single, unified processing platform aims to drive a consistent experience for cardholders and program administrators regardless of the country in which they are based.
“Latin America is a key region for our global clients, and this significant investment represents our continued commitment to enhancing our solutions across the region which will ensure that cardholders and clients have access to consistent functionality, wherever they are in the world,” commented Citi's Global Commercial Cards Head, Manish Kohli.
Carlos Castro, Citi's Cash Head for Latin America, added: “This innovative technology platform for Puerto Rico will deliver benefits to both local and multinational organizations. We will now be able to offer our clients a global market leading reporting solution, delivered through a highly secure and widely accepted chip card.”
Further countries will be announced in due course as part of this investment in Citi's global issuance capabilities.
Citi's commercial card programs have proven their value as an effective means for enhancing bottom-line profitability. Treasury departments of corporations and public sector entities can streamline their procurement processes, while cashing in on critical costing savings, increasing staff productivity, as well as improving their purchasing power and cash management efficiencies. Citi's program also provides increased transparency and control over travel & entertainment expenses.
Every new commercial card country expansion leverages the same innovative proprietary infrastructure, providing a sophisticated yet configurable solution into all new territories. Citi has rapidly expanded its geographic footprint and new offers local currency issuing capability in more than 65 countries around the globe.
Citi Commercial Cards, with proprietary issuance capabilities in 100 countries including local-currency programs in 65 countries, has long been considered a leading commercial card provider to large and multi-national organizations globally. Citi Commercial Cards' products form the core of the expense management strategies for nearly 500 multinational corporations, making Citi a premier card issuer in terms of technology, innovation and volume. For more information regarding any of Citi's innovative global solutions, please visit www.citimanager.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi Latin America
Anthony Ingham, +1 305-347-1400
Catalina Bantula, +1 305-329-4518