Citi Launches Citibank Paylink for Cards
Citi has announced the launch of Citibank® Paylink for Cards, an end-to-end electronic payment solution for corporations, financial institutions and public sector clients, that combines the capabilities and benefits of a purchasing card with the control and consistency of a traditional electronic payment process. Developed by Citi’s Global Transaction Services business in partnership with MasterCard, Citibank Paylink for Cards integrates a purchasing card into a client’s accounts payable system giving the client the ability to streamline their vendor payments. According to the Aite Group, procure-to-pay, also known as ‘source-to-settle’ and ‘order-to-cash’, is moving towards reality with this offering by Citigroup. The greatest benefit is to buyers/payers. With a single payments file, payers are able to initiate payments to multiple payment methods, including check, ACH, wire transfer and purchasing card.