Financial services provider Citi has chosen Puerto Rico to launch new chip-based technology for its business customers, representing a significant investment in its commercial card issuing business on the island.
Citi’s “Global Issuing Platform” offers customers a unified global platform that facilitates “truly consistent and cutting edge card programs,” by driving a consistent experience for cardholders and program administrators regardless of the country in which they are based, company officials said.
“This innovative technology platform for Puerto Rico will deliver benefits to both local and multinational organizations,” said Carlos Castro, Citi’s cash head for Latin America. “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.
“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,” said Citi’s Global Commercial Cards Head, Manish Kohli.
Citi’s commercial card programs have proven their value 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, providing a sophisticated yet configurable solution into all new territories. Citi has expanded its geographic footprint and new offers local currency issuing capability in more than 65 countries around the globe.