Shanghai, China – Citibank (China) Co., Ltd. ("Citi China") announces the launch of Citi Virtual Card Accounts ("VCA"), a next-generation global electronic payment solution designed to provide corporations with greater security, flexibility and control over their organizational expenses. Citi is the first bank to launch this market-leading solution in China, in line with the Shanghai Free Trade Zone's focus on embracing innovative and digital solutions.
With VCA, corporates are able to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card number based on their specific purchasing needs. It is designed to complement an organization's existing commercial card program or be used as a standalone solution to streamline purchasing for large ticket items. VCA safeguards against unauthorized spend, helps prevent fraudulent purchases, simplifies reconciliation and eliminates manual paper-based payments with a faster, more efficient and traceable electronic payables solution.
Citi clients leverage VCA for supplier payments in 31 unique currencies and in 43 countries around the world. In Asia, VCA is now available in 13 markets: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
"This is an extremely innovative service that we can now offer to our clients in China," said Yigen Pei, Citi China's Head of Treasury and Trade Solutions. "It provides our clients with real-time virtual card capabilities and strong controls over their transactions to help them further safeguard against risk, improve processes, and maximize their working capital."
Deven Somaya, Asia Pacific Head of Commercial Cards, Treasury and Trade Solutions, added, "We continue to see strong demand globally for new and sophisticated payment solutions to meet the evolving needs of our multinational clients in today's digital economy. Our VCA solution will provide global and Chinese multinational corporates in China with the unique benefit of having a seamless and consistent global electronic payment solution that they can leverage across the world and wherever they do business."
This year marks the 20th anniversary of Citi offering treasury management services in China. In 2012, Citi was the first foreign bank to issue commercial cards in China. With extensive service and management experience in the payment field, Citi is committed to digital innovation and leading market changes. In 2016 and 2017, Citi was ranked No. 1 for its domestic RMB payment volume among foreign banks.
Virtual Card Accounts is an extension of Citi's innovative card solutions and further extend Citi's "Procure to Pay" suite to include traditional and electronic payments via Automated Clearing House (ACH), buyer-initiated purchasing cards, and now digital virtual cards. As a leading issuer of commercial cards globally, Citi is committed to providing solutions that offer greater control and transparency to help clients more effectively manage their payment processes. With acceptance at 45 million merchant locations in 140 countries, Citi offers the most widely accepted commercial cards worldwide.
Citi, the leading global bank, 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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Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co Ltd, which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China with a footprint in thirteen cities across China. With operations in more than 160 countries around the world, Citi is the most global of all international banks in China.
Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry's most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services.
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