Citi Taps Mastercard Send™ to Expand Payment Exchange Capabilities for Clients in the U.S.
April 21 2021 - 9:00AM
Business Wire
Integration of Mastercard Send™ provides the
ability to transfer funds to debit and prepaid card
accounts
As the demand for quick, secure, and easy digital payments
solutions continues to grow, Citi’s Treasury and Trade Solutions
(TTS) announced today that it has expanded payment options for
Citi® Payment Exchange institutional clients through the
integration of Mastercard Send™. Citi’s corporate and public sector
clients in the United States can now leverage Mastercard Send to
send funds directly to a consumer debit or prepaid card account.
Citi is the largest global treasury bank to implement Mastercard
Send.
Citi® Payment Exchange provides Citi commercial clients with the
ability to send Business-to-Consumer (B2C) payments via their
customers’ preferred method of payment. It also incorporates payee
enrollment services, a payee database, online payment preference
management, an administrative platform, dedicated support,
bank-grade data security and storage all in one.
By leveraging various electronic payment options, including ACH
and now near real-time payments to debit and prepaid card accounts,
organizations can simplify and help reduce payment costs while
providing an exceptional and brand building user experience for
their clients.
“We are pleased to offer our clients more choice when making
payments to their consumers,” said Alberto Casas, North America
Head of Payments and Receivables, with Citi Treasury and Trade
Solutions. “In today’s world, consumers expect choice and offering
customers a broader mix of payment options can provide a
significant competitive advantage.”
In the United States, Mastercard Send reaches virtually all
consumer and small business debit cards, delivering a quick and
enhanced consumer experience. Consumers won’t need to receive a
check in the mail, deposit a check, or share sensitive bank routing
information. In addition, they will benefit from near immediate
access to funds.
“Mastercard is creating a future where payments keep pace with
the way that we live, work, and do business, and we’re proud to be
working with Citi to deliver Mastercard Send to their customers,”
said Chiro Aikat, Executive Vice President, North America Products
& Innovation at Mastercard. “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.”
The expanded Citi Payment Exchange capabilities are available
now to corporate and public sector clients in the United
States.
Citi’s Treasury and Trade Solutions (TTS) enables clients'
success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational
corporations, financial institutions and public sector
organizations across the globe. Based on the foundation of the
industry's largest proprietary network with banking licenses in
over 90 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
Mastercard Send allows people and organizations to send and
receive money how, where and when they choose. Mastercard Send
plays a key role in diversifying Mastercard’s payment flows and
enhancing payment experiences for customers.
About Citi
Citi, a 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
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210421005183/en/
Media: Citi Nina Das, 212-816-9267 nina.das@citi.com Mastercard
Biz Cozine, 914-414-1876 Biz.Cozine@mastercard.com
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