Citi Launches Program Audit Tool for Commercial Card Clients

Citi’s Commercial Cards launches the Program Audit Tool (PAT), an innovative web-based card activity monitoring application. The new tool focuses on program management, program compliance and optimization; helping to protect organizations against fraud and card misuse by identifying out-of-program transactions.

Available globally in most markets, the inclusion of PAT within Citi’s suite of Commercial Card program management tools shows Citi’s commitment to providing capabilities that help ensure the integrity of card programs as regulatory and other requirements continue to rapidly evolve. PAT allows clients to actively manage how their Citi Commercial Cards are being used around the globe, by creating parameters to rule sets that identify which card transactions are outside internal policy guidelines.

“Citi’s Program Audit Tool provides clients with yet another resource to protect their programs from fraud or card misuse,” said Manish Kohli, Citi’s Global Head of Commercial Cards. “PAT allows clients to not only proactively identify when cards are being misused, but also to establish internal controls and auditing processes that drive program compliance.”

PAT goes beyond the traditional transaction flagging capabilities of commercial card reporting programs by automating the evaluation and audit process, saving time and resource costs associated with extensive manual program review. Card program reviewers using PAT will be immediately directed to pre-flagged transactions falling outside the defined program parameters in order to decide if any action is necessary.

A distinctive feature of PAT is the use of a role-based workflow. A hierarchical workflow controls users’ access to different parts of the audit process and helps to ensure accountability, integrity and efficiency. Additionally, the tool is built into Citi’s proprietary reporting system and is easily accessible via a link within Citi’s web-based, global program management tool, CitiManager®. PAT comes with a unified interface, entitlement and workflow for ease of use by program administrators.

One set of rules allows clients to restrict the type of merchant -- either by merchant category code or by the actual merchant name -- cardholders can use. When a cardholder makes a purchase at any of the restricted merchants, the built in workflow will engage the level of hierarchy necessary to escalate or approve the non-compliant transaction.

PAT also includes a variety of pre-packaged reports that provide insight into key financial data and program information. The reports come with drilldown capabilities that allow users to delve deep into transaction and account details as required. Program administrators can use PAT to optimize program resources and streamline program compliance monitoring and reporting. The unique combination of capabilities of the Program Audit Tool allows clients to automate both internal and external audit procedures.

Citi Commercial Cards, with proprietary issuance capabilities in 100 countries including local-currency programs in 65 countries, has long been considered a leading commercial card provider to large and multi-national organizations globally. Citi Commercial Cards’ products form the core of the expense management strategies for nearly 500 multinational corporations, making Citi a premier card issuer in terms of technology, innovation and volume. For more information regarding any of Citi’s innovative global solutions, please visit citimanager.com.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 trillion in assets under custody.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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