Citigroup's cash management division and Mastercard have signed a multi-year agreement to provide Citi's corporate clients with a simpler way to manage high-frequency, low-quantum spending. Commercial cards issued to the bank's customers will be used for travel and entertainment expenses, and to pay for key supplies such as office stationery and spare parts. The cards remove the need for securing purchase orders or cheques.
The solution, which is being launched in Australia and Hong Kong and expanded in Malaysia and Singapore, streamlines labour and time intensive procurement processes, says Steven Murphy, who runs Citibank's commercial cards programme in Asia. It also helps companies to control employee spending limits, meet cash flow...
