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Asia's B2B payments get a boost through Citi Virtual Card Accounts

Asia’s B2B payments get a boost through Citi Virtual Card Accounts

(12 June 2013 – Asia) Citi has announced that its Commercial Card business has launched its Virtual Card Accounts (VCA) solution to six Asian markets including India, Malaysia, South Korea, Singapore, Taiwan and Thailand.

VCA is a global, electronic payment solution offering security, control and efficiency using single-use commercial card account numbers.

With the additional issuance capabilities in Indian Rupee, Malaysia Ringgit, Korean Won, Singaporean Dollar, Taiwan Dollar, and Thai Baht to its industry-leading footprint, Citi clients can now leverage VCA for supplier payments in more than 30 unique currencies and in more than 40 countries.

Citi also has broadened its cross-border payment capabilities by enabling United States dollar virtual card issuance for clients based in Singapore or Hong Kong, as well as issuance in Korean Won for vendor payments outside South Korea.

Expanding Citi’s award winning virtual card solution into these markets will help fuel Citi’s continued growth in the B2B travel space, where VCA’s real-time capabilities are well-suited to meet the payment needs of online travel agents, payment aggregators and other travel-industry participants.

"The Virtual Card Accounts solution is exactly the type of innovative product that organizations within the region have been waiting for. With its flexible and robust transaction controls and enhanced data-capture capabilities, we definitely see this product as a real game-changer throughout the region," said Deven Somaya, Regional Product Head, Wholesale Cards, Asia Pacific, Treasury and Trade.

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