Citi China Launches Virtual Card Accounts
Citibank (China) Co., Ltd. (Citi China) has announced the launch of Citi Virtual Card Accounts (VCA), a global electronic payment solution designed to provide corporations with greater security, flexibility and control over their organisational expenses. Citi is the first bank to launch this market-leading solution in China, in line with the Shanghai Free Trade Zone’s focus on embracing innovative and digital solutions.
With VCA, corporates are able to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card number based on their specific purchasing needs. It is designed to complement an organisation’s existing commercial card programme or be used as a standalone solution to streamline purchasing for large ticket items. VCA safeguards against unauthorised spend, helps prevent fraudulent purchases, simplifies reconciliation and eliminates manual paper-based payments with a faster, more efficient and traceable electronic payables solution.
Citi clients leverage VCA for supplier payments in 31 unique currencies and in 43 countries around the world. In Asia, VCA is now available in 13 markets: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.