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Citi® Commercial Cards to Issue Chip & PIN Card Solution in U.S., a First in the Commercial Card Industry
August 11, 2011
NEW YORK—(BUSINESS WIRE)—Citi® today announced the launch of the Citi® Corporate Chip and PIN card, a compliant smart card designed for U.S. corporate cardholders traveling abroad, a first by any U.S. commercial card issuer. The cards, which include an embedded microprocessor, were developed in direct response to clients' needs to use their U.S. commercial cards while traveling to regions where merchants are more familiar with chip cards and for use at un-manned kiosks where an agent is not always available to run the transaction through a Point of Sale (POS) device.
"Many of our clients are leading multinational organizations with cardholders that travel extensively," said Julie Monaco, Head of North America Global Transaction Services, Citi. "They require a payment product that can meet their needs wherever their business takes them and Citi is at the forefront of bringing this product innovation to our commercial card clients."
With over one billion chip card users (both consumer and commercial) outside the United States, chip cards are the dominant technology in many parts of the world. Citi has long provided commercial chip card technology throughout Europe, Asia and parts of Latin America. The new technology will be rolled out to U.S. clients in a phased approach beginning this month.
Citi has achieved its rapid expansion around the globe by providing clients with the consistent business experience that only a common unified technology platform and lack of reliance on bank partners can provide. As a result, Citi clients around the world benefit from consistent customer service, functionality, reporting, and innovative products such as the Citi Corporate chip and PIN card.
Key benefits of the new card solution include:
- Enhanced Security—The cards are yet another tool in our arsenal to combat potential fraud. By working together with chip-enabled POS terminals, they ensure a highly secure transaction by validating both the card and cardholder.
- Improved Convenience—The cards can more readily be used in regions where EMV technology is dominant. However, the Citi Corporate chip & PIN card will continue to support magnetic stripe technologies enabling cardholders to use their cards in the US where EMV technology is less prevalent.
Citi Commercial Cards, with proprietary issuance capabilities in 99 countries including local-currency programs in 59 countries, has long been considered a leading commercial card provider to large and multi-national organizations globally. Citi Commercial Cards' products form the core of the expense management strategies for nearly 500 multinational corporations, making Citi a premier card issuer in terms of technology, innovation and volume. For more information regarding any of Citi's innovative global solutions, please visit citimanager.com.
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services business supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com