Mountain View, CA September 11, 2002 CyberSource Corp., a provider of risk management and electronic payment solutions for enterprise businesses, has struck a deal with Citibank N.A. ("Citibank") in which Citibank will offer CyberSource's Internet payment gateway and risk management services to its merchant customers as part of its CitiConnect Seller Solution, which is part of CitiConnect Web Enabled Financial Services.
The companies said the agreement enables Citibank to offer its merchant customers, who operate or plan to operate Web stores or call centers in multiple countries, a comprehensive set of CyberSource's outsourced services. These services include credit and signature debit card payments, risk management applications, tax calculation, export compliance and delivery address functionality.
Citibank explained that merchants are going to be able to eliminate the need to establish disparate, country- or currency-specific systems with the CyberSource services. They are accessible via a single technical integration effort and, once integration is complete, merchants can use CyberSource's gateways to Citibank's U.S. and European merchant processing systems.
Additionally, through the CitiConnect Seller Solution, Citibank said its merchant customers will be able to utilize CyberSource's reporting capabilities to access data, identify business trends and reconcile their financial statements by country, division, currency and/or a consolidated summary of activity for all business accounts, to improve commerce operations worldwide.
"Our relationship with CyberSource will enable us to provide our customers with leading-edge risk management and other value-added services across multiple geographies," said Moni Helling, Vice President Citibank e-Business. "This is another way in which we are positioning ourselves to be the leading financial services provider and payments engine for B2C and B2B transactions."