CSI globalVCard Expands Globally
BONITA SPRINGS, Florida, March 9, 2017
CSI globalVCard, a leading B2B payments company specializing in secure and rewarding payments, today announced that it has expanded services to Europe and has opened a London office, its first move in a planned worldwide expansion. The company plans to roll out its services across additional continents by year’s end. CSI will use the payment issuance capacity of PrePay Solutions (PPS), a subsidiary of Edenred (70% owned by Edenred and 30% by MasterCard), worldwide leader in prepaid corporate services. PPS will bring CSI its unique payment technology to issue and process all CSI virtual cards and wire transfers in Europe.
Expansion outside of North America was sparked by CSI globalVCard’s growing demand from multi-national clients, their increased need for native currency payments, as well as customer service support across local time zones. The global payments market is estimated at $1.2 trillion, of which B2B payments account for $550 billion. Ten percent of organizations make between 20 and 50 percent of their payments to foreign suppliers, and organizations earning over $2 billion in revenue pay the largest percent of their payments to foreign suppliers.
“CSI globalVCard was designed to automate a company’s AP department and transform these departments from cost centers to profit centers,” said Jason Kolbenheyer, Managing Director, CSI globalVCard. “As business practices become increasingly global, it is not only a major step for our company but a critical competitive advantage. Now, with CSI’s Accounts Payable platform our clients can send payments to suppliers across the globe, in multiple currencies all while seeing robust reporting in our dashboard.”
“We are delighted to be able to partner with CSI globalVCard, which is already a leading company in customizable virtual payments in the United States. The CSI globalVCard programme is an exciting addition to our growing operations in Corporate Payments. Entering the European market is a big step forward and we look forward to support them in this strategic expansion,” said Ray Brash, CEO at PrePay Solutions.
CSI globalVCard opened a London office to serve clients within European time zones. Additionally, the company now supports multiple currencies to ensure that each client and their payees can choose their preferred currencies for payments.