Citi® Prepaid Services Expands its Services to Clients in Five New Markets Across Europe, the Middle East & Africa
The Leader in Prepaid Solutions expands its servicing to Ireland, Germany, Belgium, Portugal and Switzerland with Plans to Further Expand Across EMEA
LONDON - June 17, 2009 – Citi today announced that its Global Transaction Services business' EMEA platform for Citi® Prepaid Services is now live in Germany, Belgium, Portugal, Switzerland and Ireland. Citi® Prepaid Services will provide these five new markets with customised prepaid card solutions, in pounds sterling, Euro, Swiss Franc and US dollar, for corporate and public sector clients looking for simple and convenient ways to deliver payments, including payroll, consumer rewards and employee incentives that the recipients can then use worldwide. Citi, the global market leader in prepaid card services, initially launched its payment solutions to the United Kingdom in November 2008 and will continue to expand this offering across the region in 2009 with a view to launching in the United Arab Emirates next.
Citi® Prepaid Services has transformed payments for payroll, consumer rewards, sales incentives and government benefits, revolutionizing paper dependent inefficient and costly processing into an electronic solution that a number of leading public and private corporations across a variety of industries already rely on, including 40 of the fortune 100 and over 1,300 corporations globally. These distinctive solutions provide clients with substantial cost savings, operational efficiencies, risk mitigation, a robust reporting package, fully customised materials and valuable employee benefits. Furthermore, Citi® Prepaid Services can help companies deliver consumer incentive payments that have a measurable impact, working with existing fulfillment agencies and payment processors to achieve one streamlined solution whilst increasing brand visibility. The innovative platform offered by Citi® Prepaid Services delivers a flexible programme designed to meet an organizations objectives, delivering faster, more efficient and convenient payments to employees, customers and third parties.
Rajesh Mehta, Managing Director and Regional Head for Treasury and Trade Solutions for Europe, the Middle East and Africa, Citi, said, "These solutions further reinforce Citi Prepaid's position as a dynamic tool and delivery platform and the top choice for companies initiating payroll, consumer rewards, sales incentives and government benefits. The roll out of these state-of-the-art products across these five new markets underscores Citi's commitment to our clients in the region and our vision to be a one-stop provider of customized services allowing our clients greater flexibility across borders."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
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 organisations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.
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.