Electronic payments safeguards

A NEW generation of global electronic payment solutions has been launched by Citibank (China) Co Ltd.

With Citi Virtual Card Accounts, enterprises are able to generate their own unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card number based on  specific purchasing needs.

Citi is the first bank to launch such a market-leading solution in China.

The system is designed to complement an organization’s existing commercial card program or be used as a standalone solution to streamline purchasing for large-ticket items.

The virtual accounts will help safeguard companies against unauthorized spending, prevent fraudulent purchases, simplify reconciliation and eliminate paper-based manual payments.

Citi said that their clients can leverage the system for supplier payments in 31 currencies spanning 43 countries. In Asia, the  solution is now available in 13 markets including Australia, China and India.

Pei Yigen, Citi China’s head of Treasury and Trade Solutions, said it will provide their clients with real-time virtual card capabilities and strong controls over transactions to help them further safeguard against risk, improve processes and maximize working capital.