Citi® Prepaid Services launches Payroll Services for Voltas in the UAE
LONDON, DUBAI - 14 December 2009 – Citi today announced that its Global Transaction Services business for Europe, the Middle East and Africa (EMEA), has extended its global platform for Citi® Prepaid Services launching its Payroll services in the United Arab Emirates (UAE) for Voltas Limited, part of the Tata group and one of the world's premier engineering solutions providers and project specialists. Voltas has successfully undertaken and executed multi-million dollar electro-mechanical projects in the Middle East, Far East and SE Asia, CIS countries, Africa and India.
Citi's solution for Voltas will provide the issuance of cards regularly loaded with the value of the payroll for each employee at the various project sites of the company. Furthermore, the service will enable an automated and employee friendly payroll process that complies with the Wages Protection System (WPS) regulations in the UAE. By partnering with corporate clients with a large migrant labor force, Citi is facilitating the important objective of reaching and protecting the unbanked as stipulated in the WPS.
Steve Donovan, Head of Global Transaction Services for Europe, the Middle East and Africa, Citi, said, "Citi has paved the way in the Prepaid space by continuing to launch these state of the art products across the globe. As a pioneering tool and delivery platform, it is the premier choice for companies initiating payroll, consumer rewards, sales incentives and government benefits. This further expansion into the Middle East, a region that Citi has had a committed presence in for over 50 years, further underscores our 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."
Shaukat Ali Mir, Regional Director & Dy. COO, Voltas said, "Citi was able to offer our group innovative and flexible solutions that matched the needs of our company. 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.
Citi® Prepaid Services has transformed payments for government benefits, payroll, consumer rewards and sales incentives, revolutionizing paper dependent inefficient and costly processing into an electronic solution. A number of leading public and private corporations across a variety of industries already rely on Citi Prepaid solutions, including more than 50 of the Fortune 100 and over 1,300 corporations globally. These distinctive solutions provide clients with substantial cost savings, operational efficiencies, risk mitigation and a robust reporting package. The innovative platform offered by Citi® Prepaid Services delivers flexible programmes designed to meet organizations objectives, delivering faster, more efficient and convenient payments to beneficiaries.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. 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 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 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.
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.
Founded in India in 1954, Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, materials handling equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.
The company's strengths lie principally in:
- Management and execution of electro-mechanical projects, including air conditioning and refrigeration
- The design and manufacture of industrial equipment, cooling appliances and materials handling equipment
- Sourcing, installation and servicing of diverse technology based systems serving Indian industry through representation of global technology leaders