Citibank to Offer Merchants CyberSource`s Enterprise-Class Services with International Functionality as Key Components of Its CitiConnect(SM) Seller Solution
MOUNTAIN VIEW, Calif., Sept. 10 -- CyberSource Corporation (Nasdaq: CYBS), a leading provider of risk management and electronic payment solutions for enterprise businesses, today announced that they have entered into an agreement with Citibank N.A. ("Citibank"), a unit of Citigroup (NYSE: C), the preeminent global financial services company, in which Citibank will offer CyberSource`s Internet payment gateway and risk management services to its merchant customers as part of its CitiConnect(SM) Seller Solution, which is part of CitiConnect(SM) Web Enabled Financial Services.
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. Combined with Citibank`s credit card acceptance processing capabilities in the U.S. and Europe, the solution offers companies a differentiated offering in the market.
Merchants will be able to eliminate the need to establish disparate, country- or currency-specific systems. The services are accessible via a single technical integration effort and once integration is complete, merchants can take advantage of CyberSource`s gateways to Citibank`s US and European merchant processing systems.
Additionally, through the CitiConnect(SM) Seller Solution, Citibank`s merchant customers will be able to utilize CyberSource`s advanced reporting capabilities to easily access data, identify critical 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.
Merchants using CitiConnect(SM) Seller Solutions will be able to leverage the extensive inventory of integration options that CyberSource has developed for major commerce server platforms and operating systems, providing integration flexibility and a rapid time-to-market advantage.
"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."
Bill McKiernan, CEO of CyberSource Corporation, said, "This relationship represents a significant milestone for CyberSource. Combined with Citibank`s global infrastructure and experience, merchants will be able to realize the value of our payment and risk solutions` reliability, scalability and international functionality, as well as our global presence."
CyberSource Corporation is a leading provider of risk management and electronic payment solutions for enterprise businesses selling via multiple sales channels. CyberSource solutions manage transaction risk and enable electronic payment processing for Web, call centre/IVR, and POS environments. CyberSource professional services designs, integrates and optimizes enterprise-wide commerce transaction systems. Over 3,000 businesses use CyberSource solutions, including over half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service facilities in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource`s web site at http://www.cybersource.com or email firstname.lastname@example.org.
NOTE: CyberSource is a registered trademark in the U.S. and other countries. All other brands and product names are trademarks or registered trademarks of their respective companies.
Liz Haas of Atomic Tech PR