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Mumbai, Sept. 24 Citi India has launched Citibank Commercial Cards, an expense management tool for corporate clients.

The chip-embedded card offers business payment services which can help companies strengthen their financial operations and have control over their expenses, said a press release issued by Citibank, on Wednesday.

The advantages of the commercial card vis-a-vis a normal corporate card is that it captures transaction information the instant the card is used and sends the data seamlessly to the company’s expense management system. This simplifies the complex reimbursement and approval procedures and enhancing efficiencies for both companies and employees.

The card also allows companies to effectively manage travel expenses through a centralised travel account solution.

The card’s uniform global platform can integrate expenses from all their branches around the world, meeting accounting requirements and regulations of all countries.

The platform allows companies to permit only select categories of expenses and selectively permits cash withdrawals and expense categories.

The cards have been issued in 45 nations in association with the two major payment card organisations, Visa and MasterCard and are accepted worldwide. It can be used anytime and any where, said the release.

About the need for such a card, Mr V. Dinesh, Product Head of Trade and Treasury Solutions, Global Transaction Services, Citi India, said, “Indian companies are increasingly looking for solutions that streamline expense management and save costs.”

Some of the other banks that offer similar corporate cards include ICICI Bank, Axis Bank and HDFC Bank.

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