Citi integrates Mastercard Send to bolster payment exchange capabilities

By Pavithra R

Citi Treasury and Trade Solutions (TTS) has announced expanding payment options for Citi Payment Exchange institutional clients through the integration of Mastercard Send. The announcement comes at a time when the demand for quick, secure, and easy digital payments solutions continues to grow.

Through the integration, Citi’s corporate and public sector clients in the U.S. can now leverage Mastercard Send to send funds directly to a consumer debit or prepaid card account. Mastercard Send allows people and organizations to send and receive money how, where and when they choose. It plays a key role in diversifying Mastercard’s payment flows and enhancing payment experiences for customers.

“We are pleased to offer our clients more choice when making payments to their consumers. In today’s world, consumers expect choice and offering customers a broader mix of payment options can provide a significant competitive advantage,” said Alberto Casas, North America Head of Payments and Receivables, with Citi Treasury and Trade Solutions.

Citi Payment Exchange provides Citi commercial clients with the ability to send Business-to-Consumer (B2C) payments via their customers’ preferred method of payment. It also incorporates a payee database, payee enrollment services, an administrative platform, dedicated support, online payment preference management, bank-grade data security and storage all in one.

“Mastercard is creating a future where payments keep pace with the way that we live, work, and do business, and we’re proud to be working with Citi to deliver Mastercard Send to their customers. Expanding our long-standing relationship with Citi allows us to provide more corporate and public sector organizations with game-changing services to transact in near real-time and with certainty,” said Chiro Aikat, Executive Vice President, North America Products & Innovation at Mastercard.

The expanded Citi Payment Exchange capabilities are currently available to corporate and public sector clients in the U.S. According to Citi, the move makes it the largest global treasury bank to implement Mastercard Send.