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April 21, 2021updated 22 Apr 2021 3:36am

Citi integrates Mastercard Send, enables firms to send funds to debit cards

By Douglas Blakey

Citi is expanding payment options for its Citi Payment Exchange institutional clients through the integration of Mastercard Send. As a result, Citi’s corporate and public sector clients in the US can now use Mastercard Send to send funds directly to a consumer debit or prepaid card account. Citi is the largest global treasury bank to implement Mastercard Send.

Citi Payment Exchange incorporates payee enrolment services, a payee database. And it offers online payment preference management, an administrative platform, dedicated support and bank-grade data security and storage all in one.

By leveraging various electronic payment options, including ACH and now near real-time payments to debit and prepaid card accounts, organisations can simplify and help reduce payment costs. At the same time, Citi says it offers an exceptional and brand building user experience for their clients.

“We are pleased to offer our clients more choice when making payments to their consumers. In today’s world, consumers expect choice, says Alberto Casas, North America Head of Payments and Receivables, Citi.

Citi, Mastercard Send: providing a competitive advantage

“Offering customers a broader mix of payment options provides a significant competitive advantage.”

In the US, Mastercard Send reaches virtually all consumer and small business debit cards, delivering an enhanced consumer experience. Consumers benefit from near immediate access to funds.

“Mastercard is creating a future where payments keep pace with the way that we live, work, and do business. We’re proud to be working with Citi to deliver Mastercard Send,” adds Chiro Aikat, EVP, North America Products & Innovation, “Expanding our long-standing relationship with Citi allows us to provide more corporate and public sector organizations with game-changing services.”

Citi’s Treasury and Trade Solutions provides an integrated suite of innovative and tailored cash management and trade finance services. It serves multinational corporations, financial institutions and public sector organisations globally.

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