Citi announces new Virtual Card for organizations

Citi, the leading global financial services company, announced the launch of Citi® Virtual Card Accounts, the next generation payment solution.

Virtual Card Accounts is designed to provide institutions with greater security, flexibility and control, generating unique "virtual" card numbers for transactions that let administrators dynamically set spending and reconciliation controls on each virtual card account.

Citi launches Virtual Card Accounts targeting to extend its innovative card solutions and further extend Citi’s Procure to Pay suite to include traditional and electronic payments via ACH, buyer-initiated purchasing cards, and now single-use virtual cards. Thus, Clients can get benefits from Citi’s Virtual Card Account solution, providing customers with enhanced security and control in managing organizational expenses

Citi’s Global Head of Treasury and Trade Solutions, Paul Simpson, claims Virtual Card Accounts to be an extremely innovative service that can be now offered to the clients worldwide. Citi’s Virtual Card Account solution is now available globally, with local currency issuance and settlement in almost 50 countries.