Citi® Virtual Card Accounts:
Enhanced Security and Control over Organizational Expenses
Virtual Account, Real Results
With the Citi Virtual Card Account solution, organizations can now generate unique "virtual" card numbers and dynamically set spending and reconciliation controls on each virtual card based on their specific purchasing needs. This solution safeguards against unauthorized spend, helps prevent fraudulent purchases and simplifies reconciliation.
Citi Virtual Card Accounts are designed to complement an organization’s existing commercial card program or be used as a standalone solution to streamline purchasing for large ticket items. They are an ideal secure, electronic solution for post-invoice payments and "card-not-present transactions" made via the Internet, phone, or mail order.
Increased security minimizes the risk of fraud and misuse
To safeguard against misuse, the Citi Virtual Card Account generates a unique virtual card number for each transaction. Each virtual card is issued with authorization controls set by the organization and provides peace of mind when used for a range of purchasing needs, from everyday supplies to strategic large purchases.
Manage spending more effectively with enhanced real-time controls
Authorization controls can be set based on default criteria or dynamically adjusted at any time. Authorization controls define transaction limits, such as:
- Single or multiple use
- Individual and aggregate transaction amounts
- Date and time ranges
- Individual merchant or merchant group
These real-time, fully customizable controls allow organizations to increase control over transactions and safeguard against risk while capturing greater spend volumes on their card programs.
Reconciliation and reporting are easy, fast and completely customizable
With up to 30 user-configured data fields associated with each virtual card account, the solution can be custom-tailored to the unique needs of any industry. Companies can label data fields as needed to ensure a seamless reconciliation process.
When the virtual number is used, the transaction flows through the authorization and control process, and transactions post with robust reference data. With each transaction tied to a unique virtual card number, reconciliation is fast and easy.