MasterCard Worldwide and Citizens Financial Group, the US subsidiary of The Royal Bank of Scotland Group, has announced that Citizens will utilize the full functionality of the MasterCard Payment Gateway as part of its suite of corporate payments solutions.
The Payment Gateway is built to address the unique needs of Citizens and its corporate customers, which is powered by MasterCard and it acts as the network between Citizens, its corporate buyers and their suppliers.
Citizens Gateway, a corporate payments solution, supports multiple payment types and enables the touchless routing of electronic payments from buyer to bank to supplier. It will also contain information that facilitates more streamlined reconciliation and posting to both accounts payable and accounts receivable systems.
It will complement the bank’s existing corporate payments offerings to create a flexible, enterprise-wide commercial payment processing platform that can reduce costs, increase efficiencies and streamline the entire payments process for Citizens’ corporate customers.
Further, it provides one gateway for more streamlined, faster and secure corporate payments, instead of multiple interfaces. It also said that this will help in providing enhanced security and simplified payments process to the US-based corporate customers by Citizens Relationship Managers.
Stephen Wooters, Head of US Commercial Cards, RBS, said: “With even greater pressures being felt today by our corporate customers to watch costs and better manage diversified supplier relationships, we are excited to be able to extend our corporate payments offerings with a solution that can help them in day-to-day operations.”
Shari Krikorian, Vice President, MasterCard Worldwide, said: “We are happy to be working with Citizens to help them offer a commercial payments solution designed to meet their unique needs and differentiate them in the marketplace. By integrating and automating business-to-business payment processing, the MasterCard Payment Gateway will allow Citizens to deliver significant benefits to their commercial customers as well as buyers and suppliers.”
