Citi introduces payment tool

Financial institution partners with MasterCard

By Susan Avery -- Purchasing, 10/15/2008 9:51:00 AM

Citi has introduced an electronic payment tool that combines capabilities of a purchasing card with a traditional electronic payment process.

Developed with MasterCard, the Citibank Paylink for Cards tool integrates a purchasing card into an accounts payable system. This helps streamline payments to suppliers by seamlessly passing data from settlement through reconciliation without manual handling.

MasterCard’s Payment Gateway acts as network between Citi, the buyer and the supplier. This helps simplify the payment process.

“Citibank Paylink for Cards improves overall processing efficiency and also provides greater transparency and control to corporate clients in their day-to-day management of supplier payments,” says Rick Hanna, global head of Citibank Commercial Cards in New York.

See: How to make b2b payments easier and more efficient

and The next step in procure to pay