23:34 (GMT +7) - Friday 16/11/2018

Banking & Finance

Citi launches Commercial Cards in Vietnam

Released at: 14:38, 26/10/2018 BUSINESS SPOTLIGHT

Citi launches Commercial Cards in Vietnam

Photos: Citi

Comprehensive suite of innovative payment solutions now available for corporate clients.

by Doanh Doanh

Citi has launched Commercial Cards in Vietnam, offering a comprehensive suite of innovative payment solutions for corporate clients.

These include Business-to-Business (B2B) solutions such as purchasing cards and our market-first Virtual Card Account (VCA) for Payables, as well as Travel solutions such as corporate cards for travel and entertainment purposes, a central travel account with a travel management company, and the Virtual Card Account for Travel.

With this launch, Citi will also be the first bank in Vietnam to offer VCA, a next-generation global digital payment solution designed to provide corporates with greater security, flexibility and control over organizational expenses.

These solutions are testimony to Citi’s commitment to providing greater efficiency, control and transparency to help corporate clients more effectively manage their payment and expense management processes in a seamless, streamlined and accountable manner.

“We are delighted to add to our comprehensive and market-leading suite of institutional banking products for our global multinational and local corporate clients in Vietnam,” said Ms. Natasha Ansell, Citi Country Officer for Vietnam. “This launch is a further demonstration of our commitment to the country and the development of its economy, local enterprises, banking and financial industry, and its people.”

“Globalization and changing business trends have had a significant impact on the volume of travel and entertainment expenses, as well as B2B payments,” said Mr. Jared Mecham, Citi’s Treasury and Trade Solutions Head for Vietnam. “At the same time, economic pressures are leading corporates to reduce expenses, tighten working capital, and release trapped liquidity. In this fast evolving corporate landscape, our clients need to focus on being digital, centralized and globally compliant, and our sophisticated Commercial Card solutions allow them to do that.”

The launch of Citi’s commercial cards solution in Vietnam signifies the continued expansion of Citi’s business globally and in Asia, according to Mr. Deven Somaya, Citi’s Head of Commercial Cards for Asia Pacific, Treasury & Trade Solutions. “Vietnam is the 13th and latest market in the region where we now offer our commercial cards product suite on our proprietary platforms, covering comprehensive solutions for corporate travel and procurement needs,” he said. “We remain committed to offering our clients digital and innovative solutions to help them simplify their banking, heighten efficiency, and meet the evolving needs of their organizations in today’s rapidly changing business landscape.”

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. VCA safeguards against unauthorized spending, helps prevent fraudulent purchases, simplifies reconciliation, and eliminates manual paper-based payments with a faster, more efficient and traceable electronic payables solution.

About Citi Commercial Cards

As a leading commercial cards issuer with the largest global proprietary network, Citi has successfully served the needs of large market and multinational organizations for more than 40 years with over 14,000 commercial card programs, 6 million cardholders, and approximately $42+ billion in annual charge volume globally. In Asia, Citi Commercial Cards were first launched in 2005 and are now available in 13 markets across the region.

The Citi Commercial Cards proposition offers distinct and unique value propositions for corporate clients by providing:

  1. Maximum Global Acceptance: Citi cards are accepted at 45+ million merchant locations and 1.9 million ATMs in over 200 countries and territories.
  2. Broadest Proprietary Network: Service in over 100 countries, including 65 local currency card programs, 45 currencies and over 28 languages. Consistent Citi managed programs and products, implementations and service around the globe.
  3. Global Data and Global Reporting: Citi’s unified global technology system and single data repository provides our clients a complete view of their global program data, through a minimal number of reporting tools, with extractable common data attributes and standardized reporting, facilitating unmatched control and visibility.
  4. Customized Global File Integration: Flexible and customizable Expense Management Systems (EMS) and Enterprise Resource Planning (ERP) systems, for example SAP, Concur, and Oracle file integration capabilities across the globe, including both format and frequency.
  5. Expansion and Innovation Investment: Citi continues to be committed to investing in our products and services. We are focused on global expansion, streamlined management and servicing, and our core capabilities of innovative and efficient solutions.

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