Citi taps Mastercard Send™ to expand payment exchange capabilities for clients in the U.S.April 21, 2021 | New York, NY
Integration of Mastercard Send™ provides the ability to transfer funds to debit and prepaid card accounts
As the demand for quick, secure, and easy digital payments solutions continues to grow, Citi’s Treasury and Trade Solutions (TTS) announced today that it has expanded payment options for Citi® Payment Exchange institutional clients through the integration of Mastercard Send™. Citi’s corporate and public sector clients in the United States can now leverage Mastercard Send to send funds directly to a consumer debit or prepaid card account. Citi is the largest global treasury bank to implement Mastercard Send.
Citi® Payment Exchange provides Citi commercial clients with the ability to send Business-to-Consumer (B2C) payments via their customers’ preferred method of payment. It also incorporates payee enrollment services, a payee database, online payment preference management, an administrative platform, dedicated support, bank-grade data security and storage all in one.
By leveraging various electronic payment options, including ACH and now near real-time payments to debit and prepaid card accounts, organizations can simplify and help reduce payment costs while providing an exceptional and brand building user experience for their clients.
“We are pleased to offer our clients more choice when making payments to their consumers,” said Alberto Casas, North America Head of Payments and Receivables, with Citi Treasury and Trade Solutions. “In today’s world, consumers expect choice and offering customers a broader mix of payment options can provide a significant competitive advantage.”
In the United States, Mastercard Send reaches virtually all consumer and small business debit cards, delivering a quick and enhanced consumer experience. Consumers won’t need to receive a check in the mail, deposit a check, or share sensitive bank routing information. In addition, they will benefit from near immediate access to funds.
“Mastercard is creating a future where payments keep pace with the way that we live, work, and do business, and we’re proud to be working with Citi to deliver Mastercard Send to their customers,” said Chiro Aikat, Executive Vice President, North America Products & Innovation at Mastercard. “Expanding our long-standing relationship with Citi allows us to provide more corporate and public sector organizations with game-changing services to transact in near real-time and with certainty.”
The expanded Citi Payment Exchange capabilities are available now to corporate and public sector clients in the United States.
Citi’s Treasury and Trade Solutions (TTS) enables clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Mastercard Send allows people and organizations to send and receive money how, where and when they choose. Mastercard Send plays a key role in diversifying Mastercard’s payment flows and enhancing payment experiences for customers.
Citi, a 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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About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.