KredX Partners with ICICI Bank, to Issue Cash Back Commercial Card for B2B Payments

KredX partnered with ICICI Bank, to begin offering commercial cards for B2B payments. The commercial card cashback provides businesses with the ability to instantly collect monetary rewards for B2B payments with no fees.

KredX is anticipating that it will distribute around $260 million of B2B payments per month. The firm is striving to increase its number of clients by 300% by the end of 2022.

The new card is providing a single-view dashboard for all transactions. The card may increase the efficiency of businesses with cash back rewards. In addition, a discount option is available for clients that wish to collect early payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for additional dynamic discounts.

Fully Automated

Moreover, the card offers dispute managements, 3-way matching and complete automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term. An automated system may be attractive to numerous businesses.

Manish Kumar, the Founder and CEO of KredX, said, "This will be a watershed moment in B2B payments that will allow businesses to avail high cashbacks on each payment.

"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."

KredX is the largest supply chain finance firm in India. The Reserve Bank of India (RBI) gave its approval for SBI Mutual Fund and other SBI group firms to have a 9.9% stake in ICICI Bank.

At the end of 2021, SBI Mutual Fund held 5.72% stake in ICICI Bank.