SAN FRANCISCO--(BUSINESS WIRE)--MUFG Union Bank today announced the launch of its Commercial Card Program designed for corporate clients’ procure-to-pay needs.
The Commercial Card platform offers benefits that include advanced technology, dedicated client support, security, convenience, and improved visibility and control over the payables process. In addition, the bank’s Commercial Cards can help clients identify opportunities for cost savings, control expenses, streamline reporting, and improve cash flow. The entire Commercial Card portfolio uses chip and PIN technology, which is the latest technology and provides the highest level of fraud protection to clients.
The Commercial Card products include:
Purchasing Cards: Designed to help organizations manage their business expenses while streamlining the procurement of products and services.
Corporate Travel Cards: Developed for organizations’ challenges around managing costs and improving the visibility of their business-related travel and entertainment expenses.
Executive Card: Designed as a travel card for senior executives, with the added benefit of higher travel accident and lost/damaged luggage insurance.
MultiCard: Combines all the features of a Purchasing Card and Corporate Travel Card into a single card with optional Fleet management capabilities.
ePayables Virtual Cards: Enables companies to generate card transactions through a file from their ERP or Accounts Payable system. There are two types of ePayables cards: Buyer-Initiated Payment (BIP), which allow the buyer to deposit the card payment directly into the suppliers’ merchant account (like an ACH payment); and Supplier-Initiated Payment (SIP) technology, which sends an email with a card number to the supplier, who then processes the transaction to deposit the payment into their merchant account.
“We are pleased to offer our new Commercial Card Program to our corporate clients who are seeking the latest technology and services to meet their transaction banking needs and improve productivity,” said Managing Director Ray Fattell, Head of Product and Innovation at MUFG. “Our team employed a buyer-initiated payments approach in developing these products that distinguishes us in the marketplace. We are committed to providing innovative product solutions that enable CFOs and treasury managers to optimize their business processes.”
The bank’s Transaction Banking Payables Product Team developed the Commercial Card Program and is working with MasterCard® to issue the cards. To learn more about the bank’s Commercial Card Program click here.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $113.5 billion, as of June 30, 2015, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥284.9 trillion (JPY) or $2.3 trillion (USD)¹, as of June 30, 2015. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
1 Exchange rate of 1 USD=¥122.45 as of June 30, 2015
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