New York Citi markets and banking today announced that it has acquired Ecount, Inc, the leading provider of corporate prepaid card solutions, based in Conshohocken, Pennsylvania. Ecount’s products will be integrated into Citi’s global transaction services business, strengthening the firm’s cash management platform for corporations, financial institutions and governments. Terms of the agreement were not disclosed.
Ecount has provided customized prepaid card solutions for corporations looking for simple and convenient ways to deliver payments, including compensation and promotions. Established in 1997, the company serves a base of more than 1,200 corporate clients across North America. Ecount’s paperless payment solutions allow corporations to reduce costs, strengthen brand awareness and increase efficiencies.
This acquisition strengthens Citi’s leading position in global payments in the U.S., and it enables the launch of similar stored value card solutions worldwide. The prepaid card market is experiencing high growth, and is currently estimated at more than $2 trillion worldwide, as corporations and consumers continue to move from paper checks to electronic-based payment methods.
“Our clients are constantly looking for better ways to make payments, and with Ecount’s innovative and comprehensive prepaid programs, we will be able to offer them the latest payment solutions,” said Ellen Alemany, chief executive officer of global transaction services at Citi.
“Clients want greater flexibility and more solutions to deliver payments electronically. By combining Citi’s industry-leading payments products and client base, with Ecount’s expertise, technology and distribution in stored value cards, we will be a leader across all North American payment channels,” added Alemany.
“Working with Citi is the ideal choice for Ecount,” said Matt Gillin, CEO and Co-founder of Ecount. “Citi is a global leader in banking, with robust payment platforms, deep client relationships and innovative technology. This matches Ecount’s position in the prepaid card market. Together, we will be able to optimize and strengthen our position in this expanding market, by developing world-class solutions.”
Citi’s cash management platform offers its clients over 50 global services, spanning payments, receivables, liquidity, investments, information services and commercial cards, and operates in over 100 countries. Its clients include corporations, financial institutions and governments.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.