New Haven, Conn. – Citizens Financial Group and MasterCard Worldwide have announced an agreement to offer MasterCard inControl to Citizens’ commercial card customers. This ground-breaking technology gives business owners the ability to easily set spending controls on the cards issued to their employees and receive real-time information about their accounts, including purchases made or attempted by their employees.
Citizens Financial Group is the first financial institution in the United States to offer the technology to businesses.
“To underscore our commitment to innovation, we are very pleased to be the first bank in the country to offer MasterCard’s inControl to our business customers,” said Ellen Alemany, Chairman and CEO of Citizens. “This breakthrough spend-management service answers our customers’ requirements for high security, improved control and greater cost efficiency for their commercial card accounts.”
“At Citizens, we listen to our customers and offer the products and services that will help them conduct their banking business more easily and more efficiently,” said Prabhat Vira, Head of Citizens’ Global Transaction Services Americas. “With inControl, our business customers now have a revolutionary new tool to help them to better manage their companies.”
With MasterCard’s inControl, Citizens’ business customers will be able to:
· Set up and manage exactly where, when, how and for what types of purchases their employees’ cards may be used.
· Set up spend limits and budgets for particular types of spending.
· Establish how and when they receive alerts, via text and/or e-mail, to safeguard against overspending and keep them informed in real time about attempted card activity.
· Create limited use, virtual card numbers so that spending controls can be set for individual transactions or recurring use, providing enhanced levels of security and convenience as the business owners real account number is never revealed to the employee or merchant.
“This inaugural implementation of MasterCard inControl for small business cardholders will enable business owners to have greater control and visibility over their card spending than ever before,” said Michael Fiore, Group Head, inControl, MasterCard Worldwide. “The innovative tools and services offered through the MasterCard inControl platform not only empower our business cardholders to feel more confident and in control over their employees’ spending, but help our card issuers drive customer loyalty and differentiate themselves from the competition.”
Citizens expects the inControl functionality to be available to its commercial card customers during the second quarter of 2011.