KredX, India’s largest supply chain finance company, has partnered with ICICI Bank to offer ‘ICICI Bank – KredX Commercial Card’, for B2B payments. The first-of-its-kind cashback card is an exclusive offering by KredX that enables businesses to avail financial rewards instantly for all B2B payments, without incurring any additional cost.
ICICI Bank – KredX commercial card launch
This partnership creates a unique offering to empower B2B payments by solving the complexities associated with these payments, especially vendor payments across segments. The commercial card offers a simple payment process on the unified platform of KredX. It provides a single view dashboard for all the payment transactions and a management interface. Thus, providing business efficiency and added financial benefits with the cashbacks that complements the efforts of businesses for B2B payments. 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. A unified platform, ease of use and patented state of the art technology are some of the added features and benefits in this offering.
To further enhance the rewards, there is 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 to get early and quick access to capital on demand, thus ensuring a financially healthy supply chain. Beyond the ease, treasury income and cashback, the card and the embedded tech platform will also offer add-on benefits such as reconciliations, dispute managements, 3 way matching and complete automation of the entire account payable function which makes the offering holistic and extremely lucrative for businesses.
Commenting on this partnership and new launch, Manish Kumar, Founder and CEO at KredX 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.”
“We are excited about our partnership with ICICI Bank that will further fuel our vision to accelerate and democratize the adoption of finance. This association will help KredX expand its network and will play an instrumental role in further empowering businesses in the financial landscape. 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. We believe in providing a favorable customer experience and this offering will further establish KredX as a platform of choice for all B2B payments. Through this partnership we aim to disburse upwards of 2,000 crore B2B vendor payments per month and we are confident that we will be able to increase our customer base 300% by the end of this year
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 the 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.”
Founded in 2015 in Bangalore by Manish Kumar and Anurag Jain, KredX is India’s largest supply chain financing platform, accelerating finance through the use of cutting-edge technology and data. The company offers a host of customisable solutions ranging from enterprise finance and cash flow management solutions to working capital and channel financing solutions for businesses, large and small, operating within the supply chain ecosystem while offering unique alternative debt investment solutions to investors worldwide. Through the use of reliable technology to accelerate customer growth, the company aims to become the world’s fastest Operating System for supply chain finance.
About ICICI Bank
ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs. 16,82,904 crore at December 31, 2021.