Citibank testifies on EBT before U.S. House Banking Committee.NEW YORK--(BUSINESS WIRE)--March 27, 1996--Brian Kibble-Smith, a vice president of Citibank EBT EBT See: Earnings Before Taxes Services, testified today before the U.S. House of Representatives' Committee on Banking and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. at a hearing on Electronic Benefits Transfer (EBT) programs. The House Committee is in the process of exploring the issues surrounding federal and state implementation of EBT programs. Citibank was invited to testify based on its current role as the prime contractor for several regional and state-specific programs. Other parties invited to participate included representatives from the Treasury Department, First Union, the Independent Bankers Association, the Southern Alliance of States and the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and . In addressing the committee, Citibank's Kibble-Smith provided an overview of EBT service and highlighted its expected advantages including the following: - For recipients, access to necessary benefits through a plastic debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. is safer, cheaper and more convenient. - For state and federal governments, EBT serves as a deterrent to food stamp food stamp n. A stamp or coupon, issued by the government to persons with low incomes, that can be redeemed for food at stores. Noun 1. fraud and can significantly reduce administrative costs through economies of scale. - For merchants and retailers, efficient transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. reduces administrative work and speeds reimbursement. Citibank has been a pioneer in the EBT business since 1988 and is the prime contractor for eight programs serving 20 states. In addition, it operates a direct payment card program in Texas and Argentina. CONTACT: Press Contacts: Amy Dates, 212/559-7608 Hilary Seiden, 212/559-4225 |
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