Citi’s Global Transaction Services unit has
announced the launch of its accounts payable electronic payment
solution in South Africa and the UAE.
The recently enhanced version of the Citi
Virtual Card Accounts (VCA) enables companies to use a single-use
16-digit plastic-less account numbers for cheques – replacing
the traditional Accounts Payable spend cheques.
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“Citi’s VCA offers organisations a secure and
efficient method of paying vendors and facilitating automated card
payments globally while simultaneously helping improve control,
compliance, spend visibility and accounting processes,” said Paul
Horn, global product director of Citi Commercial Cards.
“With these additional enhancements,
organisations will have even more visibility and control over their
payments.”
The recent launches puts the number of
countries using the Citi VCA solution at 60. The global spend
volume has tripled in the last 12 months.
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