Providence, R.I.-based Citizens Financial Group will begin offering MasterCard inControl to its commercial card customers, which allows business owners to set spending controls on cards issued to their employees and receive real-time information about their accounts.
Citizens Financial Group is the first financial institution in the country to offer this to businesses, according to a statement.
"To underscore our commitment to innovation, we are very pleased to be the first bank in the country to offer MasterCard’s inControl to our business customers," said Ellen Alemany, chairman and CEO of Citizens. "This breakthrough spend-management service answers our customers’ requirements for high security, improved control and greater cost efficiency for their commercial card accounts."
The MasterCard inControl will allow business to:
- Set up and manage exactly where, when, how and for what types of purchases their employees’ cards may be used.
- Set up spend limits and budgets for particular types of spending.
- Establish how and when they receive alerts, via text and/or e-mail, to safeguard against overspending and keep them informed in real time about attempted card activity.
- Create limited use, virtual card numbers so that spending controls can be set for individual transactions or recurring use, providing enhanced levels of security and convenience as the business owners real account number is never revealed to the employee or merchant.
Citizens expects the inControl functionality to be available to its commercial card customers during the second quarter of 2011.
