Citi has been appointed as the provider of commercial cards for the New South Wales Government (NSW), following a competitive tender process. The appointment demonstrates Citi’s leadership as the global commercial cards’ provider of choice.
Citi was an incumbent party in this bid process and has been the commercial card provider for the NSW government for six years. The five-year contract covers all purchasing, virtual cards and travel cards for NSW.
“The NSW Government has recognised Citi as the leading global commercial cards issuer, capable of delivering superior digital innovation and streamlining cards management,” said Head of Treasury and Trade Solutions, Services for Citi Australia and New Zealand, Kirstin Renner.
“The solution we have provided enables government spend to be captured on card whilst also automating a number of manual processes associated with traditional payment processing. It offers accessible and efficient reporting on card spend and is easy to access via online and mobile card management platforms – thereby driving efficiencies for the Government.”
Through the partnership, Citi Services will support the provision of approximately 50,000 physical cards and approximately three million annual supplier payments. Additionally, Citi will support virtual card payments to over 880 government suppliers.
Globally, Citi Services is a leader in commercial cards provision, successfully servicing the needs of large market and multinational organisations for over 40 years. Citi has over 18,000 global commercial card programs with 7 million card holders worldwide.
Citi Services also has the largest government commercial cards program in the world. The NSW Government mandate demonstrates Citi Australia’s growing profile as a leader in public service card provision, with the financial institution also providing commercial cards for the Queensland Government.
A NSW Government spokesperson said: “The NSW Government is pleased to have secured new extended banking agreements that ensure our State remains at the forefront of financial stewardship while providing the people of NSW with the best banking and payment services available.
“These new agreements under the state’s multi-partner model will save the NSW budget more than $47 million and ensure an efficient, effective, and economical use of financial services for the State and its agencies. “We are also excited by the prospect of innovative banking and payment solutions that will support our efforts to deliver simpler, safe and secure payment options for the citizens and businesses of NSW.”
Citi Services serves 19,000 clients, including 85% of the Fortune 500. It generates over half of Citi’s deposits and moves close to $5 trillion every day.