Citi Launches Commercial Cards in Vietnam
Citi has announced the launch of its Commercial Cards offering in Vietnam, providing a suite of payment solutions for corporate clients. These include business-to-business (B2B) solutions such as purchasing cards and the Virtual Card Account (VCA) for payables, as well as travel solutions such as corporate cards for travel and entertainment purposes, a central travel account with a travel management company and the VCA for Travel.
With this launch, Citi says it will be the first bank in Vietnam to offer VCA, a next-generation global digital payment solution designed to provide corporates with greater security, flexibility and control over organisational expenses. 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. 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.