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March 13, 2012 10:06 AM Eastern Daylight Time
Citi Named U.S. General Services Administration's Government-wide Solution Provider to Streamline Transportation Payments
NEW YORK--(BUSINESS WIRE)--Citi today announced that it has been selected by the U.S. General Services Administration (GSA) to support the launch of a new service, PayPort Express, to help federal agencies streamline the management of transportation payables. Citi ‘s Global Transaction Services is the solution provider for PayPort Express which eliminates manual processes by automating the complex audit, approval and payment requirements associated with transportation-related expenses. This processing and payment capability is a key component to modernizing GSA's end-to-end transportation solution and enhances strategic sourcing.
PayPort Express utilizes Citi's global supply chain network in partnership with Syncada®, a specialized payment platform for managing transportation payables. PayPort Express delivers to U.S. Federal agencies a web-based system for automating transportation audit and payment processes, removing manual labor and paper from the work environment, as well as enhancing the vigor and accuracy of payment and accounting. Additionally, this new, electronic service delivers robust data mining to help agency shippers elevate visibility into their supply chain. The invoice and payment review, negotiation and approval steps are also improved through online collaboration between agencies and shippers. PayPort Express was launched November 1st, 2011.
"We are excited about our mission to help government manage transportation services more efficiently and source more strategically. We listened to our customers and through PayPort Express federal agencies will be able to consolidate and manage freight expenses, reduce costs and are already gaining visibility into spend through data management enhancements," said Tim Burke, Director Office of Travel and Transportation Services, GSA.
"At Citi, we realize that government agencies are under tremendous pressure to do more with less and we are particularly pleased to be working with the GSA to help agencies achieve their cost containment and productivity improvement goals," said Kevin Fitzgerald, Managing Director, Head of North America Public Sector, with Citi's Global Transaction Services. "PayPort Express is a field-tested solution that both meets the specific needs of government entities and provides best-in-class tools for increasing efficiency and driving down processing costs for transportation invoices and payments -- a winning proposition for U.S. government agencies and their transportation service providers."
Citi is a leading transaction services provider to the U.S. Treasury Department, the U.S. Department of State and the U.S. General Services Administration. Citi supports the U.S. Federal government with its global reach and on-the-ground presence in more than 95 countries.
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 95 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 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 | Twitter: @CitiGTS| YouTube: www.youtube.com/citi| Blog: http://new.citi.com/| Facebook: www.facebook.com/citi| LinkedIn: www.linkedin.com/company/citi
Citi: New York
Nina Das, 212-816-9267
GSA: Washington, DC
Cara Battaglini, 703-605-9375