Citigroup Announces Creation of Global Data Repository for Commercial Card Clients; Repository Allows Insight into Corporate Spending Patterns on Global Basis.Business Editors NEW YORK--(BUSINESS WIRE)--April 15, 2003 Global Transaction Services, a member of Citigroup, the premier global 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. company (NYSE NYSE See: New York Stock Exchange :C), announced today the creation of a global data repository See repository. that allows commercial card clients insight into their corporate spending patterns on a global basis. The Citibank(R) Global Data Repository is a proprietary Citigroup capability that is a breakthrough in the commercial card arena and currently consolidates data for reporting and file delivery from 15 countries, growing to a total of 30 countries projected by year-end. "We're very excited to be first to market with this repository that consolidates and normalizes data from merchants, allowing our clients to evaluate their procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and corporate travel expenses on a global basis," said Gary Schneider, Global Business Manager for Citibank(R) Commercial Cards. "Clients can use this information to not only evaluate spend patterns, but also enforce policy and negotiate global deals with vendors from an informed, knowledgeable position by using our ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. reporting tool to quickly access and mine the data," Schneider added. In addition to consolidating clients' data from their commercial card transactions, the Citibank Global Data Repository incorporates enhanced, line-item detail, as well as data from other sources such as account administration. This consolidated global data is provided back to the client via file delivery and can be integrated with a wide variety of financial systems. Previously, this information was consolidated at the country level and was not available to clients at a global level without extensive data re-keying and file manipulation. Filling a void in the commercial card market, the Citibank Global Data Repository serves the needs of any company that has employees in more than one country who pay for travel or make purchases using a commercial card. The potential to receive consolidated data which includes transactions conducted with any one of the more than 29 million MasterCard and/or Visa merchants worldwide, coupled with enhanced data, will allow these companies to negotiate with major airlines, hotel chains, car rental agencies and travel reservation companies. Having built this repository, the Citibank Commercial Cards business is now poised to expand its program management and reporting tools globally via standard and ad hoc reporting, online analytical processing Online Analytical Processing, or OLAP (IPA: /ˈoʊlæp/), is an approach to quickly provide answers to analytical queries that are multidimensional in nature. (dynamic queries), online statements and invoices, file delivery and expense reporting for employees in the future. Citibank Commercial Cards offers card programs in 28 countries used by over one million corporate cardholders. About Citigroup Citigroup (NYSE: C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citigroup Global Transaction Services Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance, securities services and commercial card solutions to corporations, financial institutions and governments around the world. The Citibank(R) Commercial Cards products - Citibank(R) Corporate Card, Purchasing Card A Purchasing Card is a form of company credit card that allows goods and services to be procured without utilising a traditional purchasing process. Purchasing Cards are usually issued to employees who are required to operate within a set of company rules and guidelines which , One Card and Electronic Account - deliver the industry's most advanced and innovative Web-based purchasing, payment, expense management and data integration solutions for business-to-business transactions. Citigroup is the largest bankcard bank·card n. A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. issuer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information on Citibank Commercial Cards, please visit www.citimanager.com. |
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