Citi Launches Multicurrency Virtual Card Platform for Institutions
Citi has launched Citi Virtual Card Accounts, designed to provide institutions with greater security, flexibility and control. The new service generates ‘virtual’ card numbers for transactions, allowing administrators to dynamically set spending and reconciliation controls on each virtual card account.
Citi has partnered with MasterCard to integrate MasterCard’s inControl virtual card platform into the bank’s core commercial cards processing systems to provide a single, consistent virtual card solution to its customers. Citi’s Virtual Card Account solution is available globally, with local currency issuance and settlement in nearly 50 countries.
“This is an extremely innovative service that we can now offer to our clients worldwide. 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 maximise their working capital,” said Paul Simpson, Citi’s global head of treasury and trade solutions.