In a further development of its Treasury and Trade Solutions division, Citi has added Brazil to its leading platform ECS+. While Citi Commercial Cards have been available in Brazil for a few years, this move helps to further support the growing corporate card market.
The migration onto Citi’s global platform offers a globally consistent customer experience, wide global acceptance and digital tools that enable greater visibility into spending for both local and multinational clients.
Citi’s strategy aims to offer a consistent experience for Commercial Card clients across all geographies.
“Latin America is a key strategic region for our global clients, and this significant investment represents our continued commitment to enhancing our solutions across the region. This will ensure that cardholders and clients have access to consistent services, wherever they are in the world,” commented Citi’s Global Commercial Cards Head, Manish Kohli.
In September 2013, Citi launched a prepaid version of their corporate card product in Brazil to offer controlled payment management with fraud protection for corporations while still offering standardized, innovative solutions across the globe.
“Citi will continue to make the technology investments necessary to provide clients with a high quality and consistent experience globally,” says Adoniro Cestari, Treasury and Trade Solutions Head Brazil.
In the US, Citi has been the number one corporate card issuer by transaction volume for the past four years, as named by The Nilson Report. Now, Citi Commercial Cards are available in over 100 countries and used by nearly 500 multinational organizations worldwide, managing and improving bottom-line profitability. Treasury departments of corporations and public sector entities can streamline their procurement processes, see cost savings, increase staff productivity, while improving purchasing power and cash management efficiencies. Citi’s program also provides transparency and control over Travel & Entertainment expenses.
The management of T&E expenses is especially important in Brazil where in country economic growth combined with companies that are benefiting from high global commodity prices, has lead many Brazilian companies to expand globally. This expansion has lead to increased travel and general commercial spending. Euromonitor International’s 2014 report on Financial Cards and Payments in Brazil saw that commercial charge cards saw the highest growth in number of new cards issued. Furthermore, Datamonitor has forecast that by 2015 Brazilian business travel spend could reach over $30bn, which would be twice that of its 2009 level, providing large opportunity for continued corporate card growth and spend.
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