Citi debuts Citibank Paylink for Cards electronic payment system

Citibank Paylink for Cards is aimed at corporations, financial institutions and public sector clients and is capable of incorporating a purchasing card into a clients accounts payable system. It has a single interface for all payment processing needs, a user interface for payment status and reporting, a payment rules engine and a supplier directory.
The process flow for Citibank Paylink for Cards implies five steps: the buyer sends purchase order to the supplier. After receiving and approving the invoice, the buyer sends payment file to Citi. The latter validates the file, matches supplier data and directs the payment to the acquiring bank. The supplier receives payment directly in his/her acquiring bank account. The buyer receives the reconciliation file, while the supplier receives remittance data from Citi.
Citibank Paylink for Cards provides buyers with access to one electronic option for all of their payment methods, including commercial cards and Electronic Funds Transfer (EFT). The system is able to transmit information (including settlement and reconciliation) to all parties and no manual handling is required. The MasterCard Payment Gateway simplifies the payment process by functioning as a network between Citi, the buyer and the supplier.