Citigroup Is First to Market with Next-Generation System for Managing Commercial Card Programs
CitiDirect® Global Card Management System Offers Clients an Advanced Web-Based Tool for Controlling Card Transactions Worldwide
New York and San Antonio, Oct 11, 2005 — Global Transaction Services, a business unit of Citigroup Corporate Investment and Banking, today introduced a new, advanced global version of CitiDirect® Card Management System, the company’s Web-based program for commercial cards account administration. The new system supports more than 10 languages and will initially provide access to consolidated transaction data from 14 countries, offering integrated cross-border card program support and a level of worldwide purchasing and travel details unavailable from other card issuers.
The advanced system was developed by Citigroup to meet the increasingly global demands of corporations using its purchasing and T&E cards, as well as their need for tighter control over their card programs.
By employing the latest technology Citigroup has simplified the integration of its card management system into its clients’ own financial, ERP, and information systems. “This was really important to the clients who provided input on, and worked with us to develop and test, the new system,” said Cynthia Reed, Director of Technology Product Development, Citibank Commercial Cards. “They asked for a tool that could easily be implemented across their organizations, whether they were centralized or decentralized. But, bottom-line, they wanted quick and easy installation and more control over integration with their systems. Now, the turn-around time is so fast that we’ve seen installations completed in a matter of hours, instead of days or weeks.
“Best of all, they get the features and functionality they loved in the old system, plus a lot more,” Ms. Reed added.
Features of the new CitiDirect® Global Card Management System include:
One size truly fits all: The new system is available to all Citibank® Commercial Cards corporate customers — domestic or global, large or small. Whether a company has 50 or 50,000 cardholders, it gains access to the same platform, system, and support. Because the CitiDirect® Global Card Management System is a scalable solution, even the smallest business will not outgrow it or be migrated to another system. As a company’s needs change, it can add features and functionality without adding infrastructure.
Enhanced financial reporting support: System users can run accruals and interim-cycle reports to aid end-of-period expense reporting, a big plus on the purchasing and payments sides.
Electronic expense-reporting ability: The CitiDirect® Global Card Management System includes an easy-to use tool for businesses wanting to migrate from paper to electronic expense reporting for their employees travel and entertainment expenses. The tool can be used to generate expense reports for both Citibank® Commercial Cards expenses and non-Citibank card-related charges.
The CitiDirect® Global Card Management System is used by corporations
to manage their card programs, enabling them to review, reconcile,
split and reallocate transactions; create and modify accounts; set
up or change controls for individual cardholders and review and
approve cardholder statements. It provides a single, consistent
interface in all of the countries where it is available. Since the
introduction of the original CitiDirect Card Management System in
1999, more than 80,000 different users at close to 200 different
companies logged onto the system and more than 35 million transactions
were imported into the system.
Citibank Commercial Cards offers card programs in over 40 countries and has over one million cardholders. The cards are accepted at more than 24 million merchants worldwide.
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at: www.citigroup.com.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.