This announcement is posted at businesswire and reviews the collaboration between Citi and Corporate Spending Innovations, the Florida-based payables automation company that is also part of Edenred, the French payments company.
Citi Commercial Cards is a business line within Citi’s Treasury and Trade Solutions division, and has developed an integration solution with CSI’s payables platform for use by its commercial card clients.
‘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. 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 centralized tool for payment initiation and reconciliation, providing clients with enhanced reporting and reconciliation data, together with greater visibility into their card spend.’
The digitization of corporate payments was boosted via the pandemic, as many businesses re-evaluated their outdated payments systems and processes, then launching short and longer term efforts to modernize both payables and receivables. The acceptance of virtual cards by suppliers also jumped during 2020 as the value of receiving faster and safer electronic payments became a much more clear proposition for suppliers under existential threat.
So this new combination provides and easier, more integrated payables experience for those clients who wish to modernize their broader payments capabilities, while also providing deeper cards access to some underutilized vertical industry segments, as well as the more sophisticated reconciliation benefits that CSI brings.
‘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. It has been recognized as a global market leader with the largest proprietary network in the industry, with local issuance in over 60 countries, 45 unique currencies and 30 languages. As a leading global commercial card issuer, Citi has one of the largest global footprints supported by unrivaled card acceptance.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group