Citi Taps Mastercard Send to Expand Payment Exchange Capabilities for Clients in the US

By AIT News Desk On Apr 23, 2021

Integration of Mastercard Send provides the ability to transfer funds to debit and prepaid card accounts

As the demand for quick, secure, and easy digital payments solutions continues to grow, Citi’s Treasury and Trade Solutions (TTS) announced that it has expanded payment options for Citi Payment Exchange institutional clients through the integration of Mastercard Send™. Citi’s corporate and public sector clients in the United States can now leverage Mastercard Send to send funds directly to a consumer debit or prepaid card account. Citi is the largest global treasury bank to implement Mastercard Send.

“Mastercard is creating a future where payments keep pace with the way that we live, work, and do business, and we’re proud to be working with Citi to deliver Mastercard Send to their customers”

Citi Payment Exchange provides Citi commercial clients with the ability to send Business-to-Consumer (B2C) payments via their customers’ preferred method of payment. It also 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.

By leveraging various electronic payment options, including ACH and now near real-time payments to debit and prepaid card accounts, organizations can simplify and help reduce payment costs while providing an exceptional and brand building user experience for their clients.

“We are pleased to offer our clients more choice when making payments to their consumers,” said Alberto Casas, North America Head of Payments and Receivables, with Citi Treasury and Trade Solutions. “In today’s world, consumers expect choice and offering customers a broader mix of payment options can provide a significant competitive advantage.”

In the United States, Mastercard Send reaches virtually all consumer and small business debit cards, delivering a quick and enhanced consumer experience. Consumers won’t need to receive a check in the mail, deposit a check, or share sensitive bank routing information. In addition, they will benefit from near immediate access to funds.

“Mastercard is creating a future where payments keep pace with the way that we live, work, and do business, and we’re proud to be working with Citi to deliver Mastercard Send to their customers,” said Chiro Aikat, Executive Vice President, North America Products & Innovation at Mastercard. “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.”

The expanded Citi Payment Exchange capabilities are available now to corporate and public sector clients in the United States.

Citi’s Treasury and Trade Solutions (TTS) enables clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

Mastercard Send allows people and organizations to send and receive money how, where and when they choose. Mastercard Send plays a key role in diversifying Mastercard’s payment flows and enhancing payment experiences for customers.

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