Citi Commercial Cards and Corporate Spending Innovations, an Edenred company, have announced a collaboration to offer frictionless and innovative B2B payment solutions to Citi’s clients.
The integration brings together Corporate Spending Innovations unique digital payment capabilities and Citi Commercial Card’s global network to jointly deliver fully integrated end-to-end payment solutions to customers.
With this collaboration, Citi Commercial Card clients, whether leveraging a Visa or Mastercard solution, will have the ability to integrate their virtual cards into Corporate Spending Innovations’ platform. For clients, this is especially beneficial for making supplier payments as the platform is connected to a large number of suppliers, including eCommerce and large digital advertising platforms.
This new solution will allow clients to pay approved invoices via a Citi virtual card in addition to ACH or check payments. The platform will serve as both the centralized tool for payment initiation and reconciliation, providing clients with enhanced reporting and reconciliation data, together with greater visibility into their card spend.
By using this platform and moving spend to their card programs, clients will increase the overall value of payments processed and will benefit by improving working capital with increased rebates from suppliers. Suppliers will also benefit by receiving fast and secure payments, which are increasingly important in an environment where suppliers’ cash flows have been disrupted by the economic consequences of the COVID-19 pandemic.
“A core element of our strategy is providing our customers with innovative and efficient global payment options,” said Gonca Latif-Schmitt, Global Head of Citi’s Commercial Cards. “This integration with Corporate Spending Innovations will provide new ways for our clients to make streamlined payments to eCommerce suppliers, especially in the digital media and advertising space, leveraging Corporate Spending Innovations’ critical mass with supplier access via Citi’s global network.”
“CSI is excited about partnering with Citi to redefine B2B payments solutions delivered to their commercial card customers as part of our expansion in Corporate Payments,” said Marc Divay, General Manager, Corporate Payments, at Edenred.
The integration will launch in the United States first, with Canada and select European markets to follow. It will include access to suppliers across multiple verticals including digital media and advertising, eCommerce and telecommunications, which require complex solutions for managing payment reconciliation.
Citi’s Commercial Cards business provides Travel, Purchase and Virtual cards solutions to institutional clients, including corporations, financial institutions, and public sector entities. It has been recognized as a global market leader with the largest proprietary network in the industry, with local issuance in over 60 countries, 45 unique currencies and 30 languages. As a leading global commercial card issuer, Citi has one of the largest global footprints supported by unrivaled card acceptance.
Citi Treasury and Trade Solutions (TTS) enables its 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.
https://www.finextra.com/pressarticle/87405/citi-commercial-cards-and-corporate-spending-innovations-team-on-b2b-payments
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