Citi® Commercial Cards Launches Innovative Citi® Project Card
New York - May 25, 2011 – Citi® today announced the launch of the Citi Project Card, a payment solution from Citi’s Commercial Cards that automatically links project information such as budget, project duration, and project name, to a card for improved overall project and budget management. This solution was developed in direct response to clients’ needs to manage expenses specific to efforts such as consulting engagements, new product development and recruiting. The Citi Project Card allows Citi’s commercial card clients to reduce delays from manual invoice and purchase order processing by leveraging the card’ built-in spend controls. When initiating a project, clients simply assign a project name and an overall budget to help automate the project management process.
"The Citi Project Card lets project managers easily keep track of a project’ status while at the same time improving budget management and reporting," said Paul Horn, Global Director of Citi Commercial Cards. The Citi Project Card, which rolled out in North America this May, is expected to be available in countries throughout Europe, the Middle East, and Africa later this year with a launch in Asia during 2012.
Citi continues to expand its commercial cards footprint with recent card launches in Greece, Luxembourg, New Zealand and the United Arab Emirates, pushing its industry-leading local-issuance capabilities to 59 countries worldwide. The additional local-currency options built on Citi’ common technology platform add to what is the largest proprietary global network in the commercial card industry. Already servicing clients in key markets such as Brazil, Russia and India, Citi is now focused on further expanding its local currency programs throughout the Middle East, Africa and Asia, including China where it currently offers a program through a bank partner due to local regulations. Recently, Citi has commenced a launch and development plan for a proprietary card program that would offer local Renminbi-denominated cards in China.
"We recognize that our clients’ businesses drive them to expand into new countries around the world every day and we need to be there to support them. That is why we’re committed to building our local currency programs and delivering new innovations that will best support our clients’ operations," stated John Kohari, Citi’s Global Head for Wholesale Cards.
Citi has achieved its rapid expansion around the globe while providing clients with the consistent business experience that only a common unified technology platform and lack of reliance on bank partners can provide. As a result, Citi clients around the world benefit from consistent customer service, functionality, reporting, and innovative products such as the Citi Project Card.
Citi Commercial Cards, with proprietary issuance capabilities in 99 countries including local-currency programs in 59 countries, has long been considered a pre-eminent Commercial Cards 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 citimanager.com.
Global Transaction Services, a division of Citi’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 business supports over 65,000 clients. As of the first quarter of 2011, it held on average $355 billion in liability balances and $13 trillion in assets under custody.
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.