Citi’s commercial banking clients may eliminate more checks by sending funds directly to consumers’ debit or prepaid card accounts through an integration with Mastercard Send.
Citi is the largest global treasury bank so far to implement Mastercard’s direct debit service, the bank said.
It is adding Mastercard’s direct debit function to its Citi Payment Exchange service, which supports secure storage of a payee database with enrollment services, all controlled through an administrative platform, Citi said in a press release.
“Offering customers a broader mix of payment options can provide a significant competitive advantage,” Alberto Casas, the North America head of payments and receivables with Citi Treasury and Trade Solutions, said in the release.
“Expanding our longstanding 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,” Chiro Aikat, Mastercard’s executive vice president of North America products and innovation, said in the release.
