Citi Commercial Cards team up with Corporate Spending Innovations for end-to-end payment solutions

The trend of banks offering expense management integrations with fintechs continues, as they face off against non-bank commercial payment competitors. The latest example is Citigroup, whose commercial cards business has suffered during the pandemic.

This week, Citi Commercial Cards announced a partnership with Corporate Spending Innovation (CSI), a Florida-based B2B payments company.

The integration will bring Corporate Spending Innovations digital payment capabilities and Citi Commercial Card’s global network ‘to jointly deliver fully integrated end-to-end payment solutions to customers’.

Under this collaboration, Citi Commercial Card clients either on Mastercard or Visa will have the ability to integrate their virtual cards into Corporate Spending Innovations’ platform and as stated in the press release for clients this would be beneficial for making supplier payments as the platform is connected to a large number of suppliers which includes e-commerce and digital advertising platforms.

This platform also allows clients to make payments to approved invoices via a Citi virtual card which is in addition to ACH or check payments while this platform also serves as a centralised tool for payment ‘initiation and reconciliation, providing clients with enhanced reporting and reconciliation data, together with greater visibility into their card spend’.

“This integration with Corporate Spending Innovations will provide new ways for our clients to make streamlined payments to eCommerce suppliers, especially in the digital media and advertising space, leveraging Corporate Spending Innovations’ critical mass with supplier access via Citi’s global network,” said Gonca Latif-Schmitt, Global Head of Citi’s Commercial Cards.

Last month, Citi Treasury and Trade Solutions had rolled out Citi Service Insights (CSI) with SWIFT gpi Case resolution integration. Earlier this year, CSI had partnered with Bank of the West to launch an integrated payables platform.

This integration will launch in the US first followed by Canada and European markets.

Corporate Spending Innovations provides payment solutions to businesses with their corporate payment solutions that include CSI Pay systems, CSI Travel, and global-fleet fuel cards while the company is a certified Mastercard processor and has obtained Visa Ready for Business Solutions approval.