Indian supply chain finance company KredX has partnered with ICICI Bank to offer ‘ICICI Bank-KredX Commercial Card’ for B2B payments. The first-of-its-kind cashback card enables businesses to avail financial rewards instantly for all B2B payments without incurring any additional cost.
The commercial card offers a simple payment process on the unified platform of KredX along with a single view dashboard for all payment transactions and a management interface.
A statement released by the companies read: “KredX’s newest offering of supply chain management and financing along with the ‘ICICI Bank-KredX Commercial Card’ makes the proposition a win-win for businesses.” The unified platform guarantees ease of use and patented state-of-the-art technology to users, “thereby empowering B2B payments by solving the complexities associated with these payments, especially vendor payments across segments”.
Further, the commercial card offers an embedded option of dynamic discounting where the customers can run early payments for their vendors and get added discounts on invoices payables. Dynamic discounting helps treasury earn discounts while parallelly helping the vendors get early and quick access to capital on demand.
The card will also offer add-on benefits such as reconciliations, dispute management, three-way matching and complete automation of the entire account payable function.
KredX founders Anurag Jain and Manish Kumar told Moneycontrol that the company expects payments worth Rs 2,000 crore per month to be processed through the card soon. By December, the company is aiming to grow its user base by three times and card issuance in-line with that.
Kumar further said: “This will be a watershed moment in B2B payments that will allow businesses to avail high cashbacks on each payment. The entire KredX offering is now a win-win package for all businesses as this covers ease of payments, credit for payments and most importantly rewards for payments. This will massively impact the bottom line and ROI of businesses.”
He added: “This is just the beginning of many more innovative solutions that both the partners envisage on providing with this collaboration. KredX has always been at the forefront of introducing innovative solutions. We are constantly innovating to drive our customer’s business with our best capabilities. This is one of our many efforts in digitizing the financial landscape.”
Sudipta Roy, Head, Unsecured Asset, ICICI Bank, said: “At ICICI Bank, we aim to enhance the experience of our customers through our innovative products and services. We are delighted to partner with KredX to offer businesses the combined benefit of seamless B2B payments to vendors and suppliers, and earn cashbacks on every payment. The partnership aims to help businesses enhance their productivity with hassle-free B2B payments and added financial benefits with our commercial card. We are confident that this partnership will see the Bank and KredX scale new heights in the commercial card business.”
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