Citi Commercial Cards and Corporate Spending Innovations (CSI), an Edenred company, are joining hands to offer innovative B2B payment solutions to Citi’s clients.
The integration brings together Corporate Spending Innovations unique digital payment capabilities and Citi Commercial Card’s global network to jointly deliver fully integrated end-to-end payment solutions to customers.
With this collaboration, Citi Commercial Card clients, whether leveraging a Visa or Mastercard solution, will have the ability to integrate their virtual cards into Corporate Spending Innovations’ platform.
For clients, this is especially beneficial for making supplier payments as the platform is connected to a large number of suppliers, including eCommerce and large digital advertising platforms.
A centralised tool for payment initiation and reconciliation
This new solution will allow clients to pay approved invoices via a Citi virtual card in addition to ACH or check payments.
The platform will serve as both the centralised tool for payment initiation and reconciliation, providing clients with enhanced reporting and reconciliation data, together with greater visibility into their card spend.
By using this platform and moving spend to their card programs, clients will increase the overall value of payments processed and will benefit by improving working capital with increased rebates from suppliers.
Suppliers will also benefit by receiving fast and secure payments, which are increasingly important in an environment where suppliers’ cash flows have been disrupted by the economic consequences of the Covid-19 pandemic.
First target: North America
The integration will launch in the United States first, with Canada and select European markets to follow.
It will include access to suppliers across multiple verticals including digital media and advertising, eCommerce and telecommunications, which require complex solutions for managing payment reconciliation.
Citi’s Commercial Cards business provides Travel, Purchase and Virtual cards solutions to institutional clients, including corporations, financial institutions, and public sector entities.