KredX and ICICI Bank have partnered to create a unique cashback commercial card for B2B payments
- ByStartupStory | April 9, 2022
KredX, India’s leading supply chain finance provider, has teamed with ICICI Bank to develop a B2B payment card called the ‘ICICI Bank – KredX Commercial Card.’ The first-of-its-kind payback card is an exclusive KredX solution that allows businesses to receive financial benefits for all B2B payments promptly and at no additional cost.
KredX hopes to disburse upwards of 2,000 crores in business-to-business vendor payments every month as a result of this agreement. By the end of the year, the company hopes to have tripled its customer base. This agreement, according to the business, delivers a one-of-a-kind product to enable B2B payments by removing the difficulties that come with them, particularly vendor payments across segments.
The commercial card includes a management interface and a single-view dashboard for all payment transactions. As a result, cashback complements organizations’ efforts for B2B payments, resulting in increased company efficiency and financial rewards.
Customers can also take advantage of dynamic discounting, which allows them to make early payments to their vendors and receive further reductions on invoices payable. Treasury can gain discounts by using dynamic discounting, while suppliers can have early and quick access to money on-demand, providing a financially sustainable supply chain.
Aside from the convenience, treasury income, and cashback, the card and embedded tech platform will also provide add-on features like reconciliations, dispute management, three-way matching, and complete automation of the entire account payable function, making the offering holistic and extremely profitable for businesses.
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