Citi has launched Citi Virtual Card Accounts solution that provides control in managing organizational expenses. Reportedly, it is an electronic solution for post-invoice payments and ‘card-not-present transactions’ made via the internet, phone, or mail order.
It has been reported that clients can generate a virtual card number and assign custom reference data for each transaction, making a reconciliation. Citi’s Virtual Card Account solution is available globally, with local currency issuance and settlement in nearly 50 countries.
The bank has said that the Virtual Card Accounts are an extension of Citi’s card solutions and extends its Procure to Pay suite to include traditional and electronic payments via ACH, buyer-initiated purchasing cards, and single-use virtual cards.
Moreover, Citi has partnered with MasterCard to integrate their inControl virtual card platform into its core commercial cards processing systems to provide a single virtual card solution to its customers globally.
