Companies using business credit cards from Citizens Bank will soon enjoy access to advanced reporting and compliance tools, according to bank officials. A partnership between Citizens Financial Group and MasterCard Worldwide will bring the payment platform provider's inControl suite of services to one of the most prominent U.S. credit card issuers.
In a statement to reporters, the partners outlined some of the new services they intended to add to business credit cards, including:
- Credit card spending limits based on category-level budgets and overall expenses.
- E-mail and text alerts designed to notify company financial officers and managers of real-time business credit card activity.
- Virtual MasterCard numbers for recurring transactions and for one-time purchases, designed to limit vendors' access to core account information.
MasterCard and Citizens expect to launch inControl services to their customers in the second quarter of 2011, company officials told reporters. The partnership enables Citizens to become the first business credit card issuer to offer inControl in the United States.