CITI LAUNCHES PREPAID SERVICES IN ASIA PACIFIC
Hong Kong - November 25, 2009 – Citi’s Global Transaction Services has officially launched Citi® Prepaid Services to clients in Asia Pacific. Citi Prepaid Services provides customized prepaid card solutions for corporate and public sector clients looking for more effective and convenient ways to deliver payments, including payroll, consumer incentives and commissions. Following the successful roll-out of the platform, Citi is currently implementing several marquee clients in Australia and is in the process of launching in additional Asia Pacific markets.
Through this innovative prepaid card solution and market-tested implementation methodology, Citi Prepaid Services is uniquely positioned to meet the evolving sales and marketing goals of clients in Asia Pacific. Citi Prepaid Services enables clients to more effectively and conveniently deliver payments to customers, employees and sales agents via a customized prepaid card. The launch of the solution is consistent with corporate goals in Asia Pacific to not only reduce costs and enhance operational efficiencies but to increase branding and deliver more impactful payments.
Citi Prepaid Services has revolutionized payments for payroll, consumer incentives, sales commissions and government benefits, converting costly paper dependent processes into an electronic solution that leading public and private corporations across a variety of industries already rely on, including more than 50 of the Fortune 100 and over 1,300 corporations globally. Furthermore, Citi Prepaid Services can help companies drive increased sales by delivering consumer and sales incentive payments that have a measurable impact with comprehensive client branding, enhanced communications and greater visibility into customer behavior.
Citi will aggressively expand this solution in Asia Pacific under the leadership of Jason Tiede, Director, Regional Head of Citi’s Prepaid Services, Asia Pacific. In a strong endorsement of his experience, Jason was recently named a "Rising Star" by leading industry publication Paybefore for his achievements and commitment to innovation in the prepaid and stored value card industry.
The roll out of Citi Prepaid Solutions in Asia Pacific stands as a pivotal component of a larger global expansion strategy. Citi Prepaid Services has launched in several markets in Europe and the United Kingdom earlier in 2009, and will go live in the UAE and Latin America by 2010.
Ivo Distelbrink, Managing Director, Region Head of Treasury and Trade Solutions, Asia Pacific and Japan, Citi, said: "The launch of Citi Prepaid Services in Asia Pacific is testament to our ongoing commitment to the evolving requirements of our clients and our unwavering dedication to providing the most innovative payments solutions in Asia Pacific. Leveraging our global experience, platforms and market leadership in Prepaid Cards, I have absolute confidence that this solution will provide immediate and immense benefits across our client base in the region."
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, Citi’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.
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, transaction services and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.