Citi, through its Treasury and Trade Solutions division, announced a significant investment in its Commercial Card issuing business through the launch of its Global Issuing platform in the Latin America region. Puerto Rico will be the first to adopt this new technology, positioning Citi as the first local Commercial Card Issuer to deliver a chip card solution in this market.
Citi’s global platform facilitates consistent and cutting edge card programs for customers, regardless of the country in which they are based.
“Latin America is a key region for our global clients, and this significant investment represents our continued commitment to enhancing our solutions across the region which will ensure that cardholders and clients have access to consistent functionality, wherever they are in the world,” commented Citi’s Global Commercial Cards Head, Manish Kohli.
Carlos Castro, Citi’s Cash Head for Latin America, added: “This innovative technology platform for Puerto Rico will deliver benefits to both local and multinational organizations. We will now be able to offer our clients a global market leading reporting solution, delivered through a highly secure and widely accepted chip card.”
Further countries will be announced in due course as part of this investment in Citi’s global issuance capabilities.
Citi’s commercial card programs are touted as an effective means for enhancing bottom-line profitability. Treasury departments of corporations and public sector entities can streamline their procurement processes, while cashing in on critical costing savings, increasing staff productivity, as well as improving their purchasing power and cash management efficiencies. Citi’s program also provides increased transparency and control over travel & entertainment expenses.
Every new commercial card country expansion leverages the same innovative proprietary infrastructure. Citi has rapidly expanded its geographic footprint and now offers local currency issuing capability in more than 65 countries.
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