Saudi Arabia-based lender ANB has introduced petty cash card, known as Cash Express, in the country.
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The new offering is a secure electronic card-based payment product. It will help customers replace their traditional cash-based petty cash handling methods.
Spending activity on the Cash Express cards can be viewed on the bank’s corporate electronic banking channel and replenished through standing instructions based on pre-set replenishment limits or through individual replenishments via the bank’s electronic channels.
Further, refunds from remaining balances on these cards can be processed any time in accordance with the company’s instructions.
ANB deputy head of corporate bank Nizar AlTwaijiri said: "Cash Express uses the latest technology for making purchases on the local POS network or withdrawing cash at any ATM in the market place. It also facilitates expense management and considerably eliminates the risks and costs associated with carrying cash or keeping cash on business premises.
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By GlobalData"Designated company employees receive re-loadable prepaid cards, enabling company’s expense control department to exactly know how much and where spend is taking place through Cash Express cards."
