Citi announces the launch of a new travel and expense management system for its corporate clients who reside in the United States.
Experts say that the new consumer offer of this financial institution should be considered in the context of efforts aimed at increasing the level of competitiveness of the lender against the background of the rapidly growing popularity of fintech startup services.
The new Citi product was developed in collaboration with the travel and expense management service provider Naveen. In this case, the new solution combines the bank’s offers for commercial cards and its partner’s technology package. The new product uses Navan Connect card binding technology. This offer provides uninterrupted digital interaction for Citi Commercial Bank cardholders.
Gonca Latif-Schmitt, global head of Citi Commercial Cards, says that the lender and its partner are well-positioned to provide a more efficient way to manage travel and expense programs using a platform that is easy to use, and accessible to travelers and finance departments. She also noted that in this case, the desire is being realized to alleviate the problems that may arise when reporting expenses for cardholders.
Citi currently supports more than 25,000 global commercial card programs and 7 million payment cardholders worldwide. The annual volume of payments processed by the bank in the United States alone is more than $42 billion.
Corporate expense management has been an integral part of the structure of the relationship between financial institutions and corporations for a long period. Startups of a new generation have offered automated solutions for this task.
As we have reported earlier, Citi Launches BNPL Option for Costco Anywhere Visa Cardmembers.