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 for additional dynamic discounts.
Fully Automated
Moreover, the card offers dispute managements, 3-way matching and complete automation . 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.
