MUFG Union Bank has unveiled its new commercial card program to meet procure-to-pay needs of corporate clients.
The program has been developed by the bank’s transaction banking payables product team, which is now working with MasterCard for issuance of the cards.
The new commercial card portfolio includes purchasing cards, corporate travel cards, corporate travel cards, executive card, and multicard.
The cards, equipped with chip and PIN technology, have been designed to deliver dedicated client support, security, convenience, and better visibility and control over the payables process.
They are also expected to help clients identify scope for reaping cost savings, control expenses, streamline reporting, and enhance cash flow.
MUFG head of product and innovation, managing director Ray Fattell said: "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.
"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."