Citi Transaction Services | Latin America and Mexico
Payroll Solution
delivery for standard and emergency relief claims.
Furthermore, Citi Prepaid Services solutions also benefit the environment through a considerable reduction in paper use, giving issuers and users an easy way to enhance their green credentials
What is a prepaid card?
A prepaid card, sometimes referred to as a smart card or smart payment system, is issued by a bank and loaded with a specific value on behalf of a paying organization. The card enables the user to withdraw cash or pay for pur-chases up to a predetermined limit.
Fast Facts
• Prepaid cards are much cheaper and more efficient than issuing checks.
• Prepaid cards reduce paper-intensive administrative burdens such as reconciliation and queries from
beneficiaries, eliminating paper processing and improving efficiency.
• Payments are made using existing card technology, like a standard debit or credit card.
• Cards may be chip-and-PIN enabled.
• They may allow users to make purchases or withdraw cash from a single organization.
• They can be used to withdraw cash from ATMs or make purchases from retail outlets that are a part of the Visa/Mastercard network.
• What all prepaid cards have in common is that funds must be pre-loaded onto the card before they can transact. • There is no option to exceed the loaded balance or draw on credit.
• Cards can be personalised or non-personalised, which allows them to be treated almost like cash and be given away to a third party as a gift.
• Cards can also be reloadable or disposable, which means they can either be topped up for continuous use or used to facilitate a single payment, such as a customer
reimbursement.
Citi helps to meet the challenge
Payroll departments face specific challenges when paying the sub-set of their employees that do not have bank accounts
• Provides faster, more efficient claim payments during
disasters/incidents
• Improve customer experience post-incident
• Eliminate checks and cash-based payments
• Delivers effective ongoing cus-tomer messaging and communication • Leverages a single platform for multiple claim types
Much more than an efficient payment solution
Citi Prepaid Services extends its payroll benefits and applications to a variety of sectors and industries
Perfect for:
• Industries with a large unbanked, hourly workforce with high employee turnover
• Large retailers
• Quick serve restaurant chains • Staffing companies • Hotels/Resorts • Construction companies • Sanitation/Cleaning companies • Security companies • Service industries
Benefits at a Glance: Benefits to your company
• Better Financials – Reduce payroll costs
– Eliminate lost/stolen check fraud – Eliminate handling of uncashed checks • Streamline Operations
– Entirely electronic payroll process – Guarantee pay on-time, every time – Decrease payroll inquiries
– Reduce or reallocate payroll resources – Eliminate payday disruptions
• Employees don’t need to come to the store/office to pick up their pay – Supports corporate “green”
Benefits to payment recipients
• Financial inclusion
• Visa/MC protection, acceptance, and prestige • Less expensive than check cashing
• Free access to cash
• Instant access to cash on payday • Employee friendly fees
• Great program features – Email notifications on payday – Multi-lingual Customer Service – Free website access
A payment solution for every payment need
Custom Branded Visa/MasterCard prepaid debit card
• Good everywhere Visa/Mastercard are accepted • Open-loop or restricted spend
• Re-loadable and re-usable • ATM cash access
• Optional transfer to a bank account feature
Enhanced Communications Portal
• Customizable Cardholder website
• Real-time account information (IVR/online) • Alerts (text message/email)
• Electronic payslip information
Turnkey Solution
• Custom card package materials (optional)
• Card issuance and account maintenance
• Marketing communications support
• Multilingual Customer Service (IVR, live reps)
• Robust reporting and audit controls
• Instant issue cards for termination pay & emergency payments
Partnering with you, across implementa-tion and service
Citi Prepaid Services takes a collaborative approach during the implementation process, the
building block of a satisfactory and long-term successful relationship. At Citi, we are committed to providing the highest-quality customer services in the industry by leveraging leading-edge
technology platforms, workflow process discipline, local expertise and, above all, continuous client feedback.
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Direct Deposit
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Illustrating what we can do together Case Review: Citi HR
Challenge
• Graduate students need to be reimbursed for travel expenses • Previously received payment by check
• High levels of administration around check payment
• Time delay before students receive funds (cheque to be cashed and payment to clear)
Solution
• “Instant Issue” prepaid cards
• Enables HR department to load value to cards in real time
• Cards with payment can be handed to student on day of interview
Results
• Students receive inmediate access to funds
• Opportunity to put Citi brand in mind of future employee • Efficient, electronic disbursement mechanism
Illustrating what we can do together Case Study: Stein Mart
Situation
• High fashion, off-price retailer with about 300 stores,
coast-to-coast in the US in 30 states, 18,000 active associates • 50% of employees were paid via check
stubs bi-monthly
• Reduce ongoing delivery issues
associated with uncontrollable forces over the past several years (9/11, hurricanes, strikes, etc.)
• Increase the number of employees paid electronically
Solution
• Pay unbanked employees using a reloadable Stein Mart Prepaid Visa Card. Provide pay-slip information electronically on the cardholder website.
Results
• 100% electronic paperless payroll process
• Cost savings of approximately US$100K annually
• Eliminated checks within two weeks of rollout
• Redeployed payroll resources to other areas
• Reduced payday disruptions
• Guaranteed pay delivery on-time, every time
Global support network with local service hubs around the world
– No matter where you are located, there are dedicated customer service
representatives close at hand
– Knowledgeable service representatives – Phone, fax or e-mail for support – Single window of service – Centralized investigations
For more information about Citi Prepaid Services, please contact
your Citi representative or visit our website at
www.transactionservices.citigroup.com/transactionservices/h
ome/card_solutions/prepaid_solution.jsp
We are the largest provider of corporate prepaid card solutions
• Proven success in Telecom: We drive results for every major US mobile carrier • 13 year history in Prepaid Cards
• 60+ implementations per quarter
• More than 1,500 corpo-rate clients (including 43 of
the Fortune 100) • More than 25 million
cards issued in 2009
Citi® Prepaid Services: the right solution
Citi® Prepaid Services offers unrivalled local presence, expertise and propri-etary prepaid technology. Combined with Citi’s global platform and the state-of-the-art infrastructure of Global Transaction Services, our proven methods make our prepaid programs a market-leading payment-services solution.
