Citi markets and banking today announced that it has acquired
Ecount, Inc., the leading provider of corporate prepaid card
solutions, based in Conshohocken, Pennsylvania. Ecount's products will
be integrated into Citi's global transaction services business,
strengthening the firm's cash management platform for corporations,
financial institutions and governments. Terms of the agreement were
not disclosed.
Ecount has provided customized prepaid card solutions for
corporations looking for simple and convenient ways to deliver
payments, including compensation and promotions. Established in 1997,
the company serves a base of more than 1,200 corporate clients across
North America. Ecount's paperless payment solutions allow corporations
to reduce costs, strengthen brand awareness and increase efficiencies.
This acquisition strengthens Citi's leading position in global
payments in the U.S., and it enables the launch of similar stored
value card solutions worldwide. The prepaid card market is
experiencing high growth, and is currently estimated at more than $2
trillion worldwide, as corporations and consumers continue to move
from paper checks to electronic-based payment methods.
"Our clients are constantly looking for better ways to make
payments, and with Ecount's innovative and comprehensive prepaid
programs, we will be able to offer them the latest payment solutions,"
said Ellen Alemany, Chief Executive Officer of global transaction
services at Citi.
"Clients want greater flexibility and more solutions to deliver
payments electronically. By combining Citi's industry-leading payments
products and client base, with Ecount's expertise, technology and
distribution in stored value cards, we will be a leader across all
North American payment channels," added Alemany.
"Working with Citi is the ideal choice for Ecount," said Matt
Gillin, CEO and Co-founder of Ecount. "Citi is a global leader in
banking, with robust payment platforms, deep client relationships and
innovative technology. This matches Ecount's position in the prepaid
card market. Together, we will be able to optimize and strengthen our
position in this expanding market, by developing world-class
solutions."
Citi's cash management platform offers its clients over 50
global services, spanning payments, receivables, liquidity,
investments, information services and commercial cards, and operates
in over 100 countries. Its clients include corporations, financial
institutions and governments.
About Citi
Citi markets and banking is the most complete financial partner to
corporations, financial institutions, institutional investors and
governments in the world. As a global leader in banking, capital
markets, and transaction services, with a presence in many countries
dating back more than 100 years, Citi enables clients to achieve their
strategic financial objectives by providing them with cutting-edge
ideas, best-in-class products and solutions, and unparalleled access
to capital and liquidity.
Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100
countries, providing 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, and wealth management. Major brand
names under the trademark red arc include: Citibank, CitiFinancial,
Primerica, Citi Smith Barney and Banamex. Additional information may
be found at www.citigroup.com or www.citi.com.
About Ecount
Ecount, a Citi company, provides customized prepaid programs for
corporations looking for a simple, convenient and cost effective way
to deliver payments. Leveraging Citi's extensive payment platform and
Ecount's experience and proprietary prepaid technology, corporations
have access to an unmatched solution that enables comprehensive
communication and unique brand extension, coupled with more immediate,
economical payment delivery. With solutions ranging from incentives to
compensation to specialized rewards, Ecount programs empower
corporations looking to influence and motivate consumers, employees
and partners. Over 1,200 leading corporations, including more than one
third of the Fortune 100, rely on Ecount's prepaid solutions to gain a
strategic market advantage. For more information, please visit
ecount.com.
