CITI THAILAND LAUNCHES COMMERCIAL CARDS
First global card-based expense management solution to improve client efficiency
Bangkok - August 20, 2009 – Citi Global Transaction Services, a division of the Institutional Clients Group, has officially launched Citibank® Commercial Cards for corporate clients in Thailand. The introduction of this service to corporate clients positions Citi Thailand as the first global bank in the market to provide a "total solution" through Citibank® Commercial Cards, which consists of the Citibank Corporate Card and the Citibank Purchasing Card.
For corporate clients in Thailand, Citibank® Commercial Cards offer integrated cash management solution that strengthens financial operations and control over expenses.
By utilizing Citibank® Commercial Cards, corporate clients in Thailand will be provided with comprehensive, customized and online consolidated statements for expense analysis. Powered by Citibank Custom Reports System (CCRS), clients will receive the benefit of direct and seamless integration of card transaction data into expense management systems including CONCUR, SAP, Oracle or Citi’s Global Card Management System (GCMS).
The Citibank® Commercial Cards solution benefits clients by providing:
- Real-time spend visibility and reporting through multiple expense control options and by limiting exposure by user
- Simplifying and automating travel, entertainment and procurement expenditures management and reconciliation.
- Maximizing global data and systems integration of spend data, which helps to automate card spend direct to clients’ accounting /general ledger systems.
- Promoting a paperless work environment through a consolidated e-statement and limiting reliance on traditional paper-based individual bank statements by providing summaries, statements and additional information about transactions are all available online.
Vira-anong C. Phutrakul, Managing Director, Global Transaction Service Head, Citi Thailand said, "The current economic climate has forced companies to adopt an effective expense management regime. Citibank® Commercial Cards is a unique and comprehensive solution that has been developed to meet our client’s needs of greater control, visibility and optimization. Through this market-first product in Thailand, corporates clients can maximize their efficiencies, enhance opportunities and meet strategic and financial objectives.
Sandip Patil, Director, Treasury and Trade Solutions Head, Global Transaction Services, Citi Thailand said, "This is start of a new journey for corporate and institutional cash management in Thailand. As pioneers of cash management, we are confident our corporate clients will welcome this next generation product from Citi. Cards platforms are known for convenience, speed, visibility and efficiency. By embedding cards into to our leading cash management solutions, our corporate clients can get best of both the worlds. With proven success across multiple markets globally, this will go a long way in improving order-to-pay cycle KPIs and more importantly, provide an online analytical tool to control and reduce expenses for our corporate clients in Thailand."
One of the providers of Citibank® Commercial Cards is MasterCard. Eileen Wee, Vice President and Country Manager for Thailand, MasterCard Worldwide, said "MasterCard is committed to drive value for our customers and to be innovative in giving solutions. We understand that corporations are challenged in the tough times and payment solutions must take an end-to-end integrated approach that works with existing or future processes to provide continuous improvements in efficiency and control."
Over 3,000 corporate clients globally across 50 countries have selected Citibank® Commercial Cards as their preferred partner, leveraging Citi’s exemplary customer service infrastructure, experience in addressing various sector specific needs, and our ability to provide tailor made solutions. Cardholders can enjoy Citibank world privileges services and other Citibank card benefits, such as 24-hour customer services access.
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.