Citizens Financial Group, with bank branches in Connecticut, announced a deal Thursday that will allow the banking company to offer MasterCard inControl to its commercial card customers, giving business owners the ability to set spending controls on the cards issued to their employees and receive real-time information about their accounts.
The Rhode Island-based parent company to Citizens Bank, says it is the first financial institution in the country to offer the technology to businesses.
“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.”
With MasterCard’s inControl, Citizens’ business customers will be able 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.
