Citibank has partnered with Mastercard to help businesses directly transfer funds to consumer debit cards. Citi said corporate and public sector Citi Payment Exchange clients can now integrate Mastercard Send to transfer funds to debit or prepaid card accounts. This collaboration between the two institutions has made Citi the largest global treasury bank that utilizes Mastercard Send.
Citi Payment Exchange provides its commercial clients the ability to send business-to-consumer payments via customers’ chosen methods. It incorporates payee enrollment services, a payee database, online payment preference management, an administrative platform, dedicated support, bank-grade data security, and storage all in one.
Citi said the program allows organizations to simplify and lower the payment costs by leveraging various electronic payments such as automated clearing house (ACH) and real-time payments to debit and prepaid card accounts.
Mastercard Send is a global push payments platform that allows people and organizations to send and receive money based on their preferences. Mastercard Send plays a key role in diversifying payment flows and enhancing payment experiences for customers. Instead of waiting for days for ACH transfers to process through, payments are received instantly through MasterCard Send.
Shahmir Khaliq, Citi’s global head of treasury and trade solutions said, “The key to fulfilling the promise of this ongoing digital payments evolution will be delivering choice, convenience, and speed”. “While these characteristics often overlap, each plays a vital role in meeting the demands of the marketplace. At Citi, we understand that meaningful innovation in today’s digital economy requires the combination of choice, convenience, and speed to deliver customer satisfaction.”
Citi offers digital payment solutions
Alberto Casas, the North American head of payments and receivables at Citi treasury and trade solutions said, “We offer our clients more choice when making payments to their consumers. In today’s world, consumers expect choice, and offering customers a broader mix of payment options can provide a significant competitive advantage”.
Chiro Aikat, executive vice president, North America product and innovation at Mastercard said, “Expanding our long-standing relationship with Citi allows us to provide more corporate and public sector organizations with game-changing services to transact in near real-time and with certainty”.
“Mastercard is creating a future where payments keep pace with the way we live, work, and do business, and we’re proud to be working with Citi to deliver Mastercard Send to their customers,” Aikat said.
In the United States, MasterCard Send reaches virtually all consumers and small business debit cards thus, delivering a fast and enhanced customer experience. Customers don’t need to follow the hassle such as receiving a cheque in the mail, or depositing it, and sharing sensitive bank routing information. Along with this, they can now gain benefits from immediate access to funds.