Citi launches an Asia Pacific first B2B commercial cards solution
Sydney, Australia – Citi has launched an Asia Pacific first B2B commercial cards solution, for its client Hanson Australia. The innovative payment system uses a credit card platform to pay suppliers who historically have not accepted credit cards. Using Visa’s card services, with Citi as card issuer, and Invapay’s technology platform, clients can obtain extended payment terms while effecting secure, faster and easier payments to suppliers.
Sid Vasili, CEO of Invapay, said, “Procurement and finance departments have been forced to manage their operations according to established working practices. What we have done, as one of the original fintech organisations, is look at the supply chain end-to-end and develop a digital service which helps all parties involved.
“Invapay is heavily involved in developing improved ways to do business. We’ve built our platform to offer unique functionality previously unavailable to companies. For example, we enable non- accepting suppliers to be paid in any location across the world in any currency. This removes the need for suppliers to have a merchant facility.”
The partnership between Citi, Visa and Invapay comes at a time when financial technology is revolutionising the way organisations trade and manage their finances.
For further information, please contact:
Citi Media Relations Judy Hitchen
+61 (2) 82251643
For further information about Invapay, please contact:
+44 (0)1992 500 589
About Citi: Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealthmanagement.
Additional information may be found at www.citi.com.au and www.citibank.com/tts| Twitter:
@citibankaus | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citibankaustralia | LinkedIn:www.linkedin.com/company/citi
About Invapay: Invapay is a UK based Regulated Authorised Finance Institution. Invapay’s technology platform offers an efficient, flexible way for organizations to manage payments and working capital by leveraging the Visa purchasing account facility with their financial institution. However unlike traditional card payments, the Invapay solution removes the need for suppliers to have a merchantfacility.
Additional information may be found at www.invapay.com| Twitter: @invapay|
Blog: www.invapay.com/news| LinkedIn: www.linkedin.com/company/invapay-the-business- payment-network-
© 2015 Citigroup Inc. Citi, Citi and Arc Design, Citibank and Arc Design are registered service marks of CitigroupInc.