Citi Launches Innovative Prepaid Services in Trinidad & Tobago, Jamaica and Panama
Citi Prepaid Services provides customized prepaid card solutions for corporate and public sector clients looking for more effective and convenient ways to deliver payments
Miami, Florida - February 2, 2012 – Citi’s Global Transaction Services has launched Citi® Prepaid Services to clients in Trinidad and Tobago, Jamaica and Panama, its first three countries in Latin America. Following these successful implementations, Citi expects to continue expanding its Citi Prepaid Services in key target markets within Latin America.
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 the region. Citi Prepaid Services enables clients to more effectively and conveniently deliver payments to customers, employees and sales agents via a customized prepaid card.
"Latin America provides exciting development potential for our business," said John Kohari, Citi’s Global Head for Prepaid Cards. "We are fully committed to Latin America as an integral part of our global footprint and have plans to offer our suite of prepaid solutions in strategic markets throughout the region."
"The launch of the solution is consistent with our corporate goals in Latin America to not only reduce costs and enhance operational efficiencies, but to also increase branding and deliver more impactful payments," says Solana Cozzo, Global Transaction Services Prepaid Cards Head for the Latin America & Mexico region.
Citi Prepaid Services has revolutionized payments for government benefits, payroll, sales commissions and consumer incentives, converting costly paper-dependent processes into an electronic solution that leading public and private corporations across a variety of industries already rely on.
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.
"In more than two dozen countries around the world (and expanding rapidly), Citi’s Prepaid Cards replace check and cash payments for businesses and government agencies. Prepaid Cards offer superior payment transparency and provide traditionally unbanked beneficiaries with the security and convenience of a MasterCard® or Visa® Card," says Carlos Castro, Global Transaction Services Cash Head for Latin America & Mexico.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 95 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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