Citi Acquires Ecount
Citi markets and banking has acquired Ecount. Ecount’s corporate prepaid card solutions products will be integrated into Citi’s global transaction services business. Ecount has provided customized prepaid card solutions for payments delivery, including compensation and promotions. Established in 1997, the company serves a base of more than 1,200 corporate clients across North America. Citi hopes that this acquisition strengthens its position in global payments in the US, and could enable the launch of similar stored value card solutions worldwide. The prepaid card market is experiencing high growth, and is currently estimated at more than US$2 trillion worldwide, as corporations and consumers continue to move from paper checks to electronic-based payment methods.