Citizens Financial Group (Providence, R.I.; $167 billion in assets), the U.S. subsidiary of The Royal Bank of Scotland Group, will use the full functionality of the MasterCard Payment Gateway as part of its suite of corporate payments solutions. The bank says the resulting Citizens Gateway will complement the bank's existing corporate payments offerings to create a flexible, enterprisewide commercial payment processing platform that can reduce costs, increase efficiencies and streamline the entire payments process for Citizens' corporate customers.
Citizens Gateway powered by MasterCard will act as the network between Citizens, its corporate buyers and their suppliers. The MasterCard Payment Gateway is an end-to-end, modular solution that offers several features, including buyer-initiated purchasing card straight-through processing to help enhance security and control for financial institutions and their corporate customers.
The Citizens Gateway supports multiple payment types and enables the "touchless" routing of electronic payments from buyer to bank to supplier. The Gateway is designed to be a comprehensive corporate payments solution that will also contain information that facilitates more streamlined reconciliation and posting to both Accounts Payable and Accounts Receivable systems.