Ecount is a Leader in Corporate Prepaid Card Solutions
Transaction Strengthens Citi's Cash Management Offering
NEW YORK, March 1 /CNW/ - 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
"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,"
"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.
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.
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
For further information:
For further information: Citi Media Relations: Brian Steel Work:
212-816-2949 Mobile: 917-545-0683 E-mail: Brian.email@example.com or
Equity Investors: Arthur Tildesley, 212-559-2718 Fixed Income Investors:
Maurice Raichelson or Ecount Media Relations: Theresa Wabler, 610-941-4600