Citi Prepaid Services Awarded Buying Solutions Framework Agreement for UK Public Sector
London - October 5, 2010 – Citigroup’s Global Transaction Services business has been awarded a framework agreement to offer Prepaid Solutions to the 3,300 national, regional and local public sector agencies throughout the United Kingdom.
The offering is under the PrePayment Card framework agreement developed by Buying Solutions, the national procurement partner for UK public services.
Public sector clients can benefit from simple and convenient ways to deliver a variety of payments to beneficiaries. For instance, Citi Prepaid Services replaces cash and cheques for social benefits with prepaid funds readily accessible by beneficiaries worldwide. Beneficiaries are able to receive their prepaid social benefits payments for pensions, disability, tax credits, housing benefits, childcare, personalised healthcare, asylum payments, community equipment such as Simple Aids to Daily Living, petty cash, emergency and disaster relief payments and student loan benefits.
Rajesh Mehta, Head for Treasury and Trade Solutions for Europe, the Middle East and Africa, Citi, said, "This award by Buying Solutions underscores our continued investment in the prepaid services businesses. We are delighted to be part of the Buying Solutions’ framework agreement and are adamant in our belief that clients will benefit from innovative programme reporting, dedicated client service teams, and award winning customer service."
Neil Kitchen from the Buying Solutions ePayments Team added: "The savings in using the framework agreement are made in both time and procurement costs, with very simple project documentation and reduced evaluation costs."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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 or www.citi.com .
About Global Transaction Services
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2010, it held on average $320 billion in liability balances and $11.3 trillion in assets under custody. For more information on Citi’s Global Transaction Services, visit www.transactionservices.citigroup.com/transactionservices/home/.
About Citi® Prepaid Services
Citi Prepaid Services is a leading provider of innovative corporate prepaid solutions. Through a consultative approach, Citi Prepaid provides clients with comprehensive electronic payment programs that reduce costs, enhance operational efficiencies and provide an unmatched user experience. Leveraging an extensive payment platform and proprietary prepaid technology, clients around the world depend on Citi Prepaid’s custom programs for all types of payments including compensation, promotions and disbursements.
About Buying Solutions
Buying Solutions is the national procurement partner for all UK public services and is part of the Efficiency and Reform Group within the Cabinet Office. Its role is to deliver best value for customers in central government and the wider public sector through the efficient procurement and supply of essential goods and services. Buying Solutions saves its customers time, money and effort by providing access to trusted, compliant, and sustainable procurement solutions, which deliver measurable savings, value for money and peace of mind.