Supply chain finance company KredX has partnered with ICICI Bank to offer a commercial card for B2B payments, the two India-based companies announced Friday (April 8).
The ICICI Bank-KredX Commercial Card is a first-of-its-kind cash back card that allows businesses to collect instant financial rewards for B2B payments without any fees, KredX said.
Through this partnership, KredX said it expects to distribute as much as 20 billion Indian rupees (about $260 million) B2B vendor payments monthly. The company also said it hopes to grow the number of customers by 300% by year’s end.
The partnership promises to empower B2B payments by fixing the complex payments network, especially vendor payments across segments, the company added.
The commercial card provides what KredX called a single-view dashboard for payment transactions as well as a management interface. These tools are designed to make businesses more efficient, and the cash back offering supplements the efforts of businesses for B2B payments.
There’s also an embedded discount option in which customers can run early payments for their vendors for additional discounts on invoices payables.
“This association will help KredX expand its network and will play an instrumental role in further empowering businesses in the financial landscape,” said KredX Founder and CEO Manish Kumar in a statement. “…This is one of our many efforts in digitizing the financial landscape.”
Sudipta Roy, group head at ICICI Bank, said the partnership aims to help businesses enhance their productivity with the hassle-free B2B payments and added financial benefits with the commercial card.
In January, KredX completed a rebranding to become a supply chain financing giant.
The change represented another chapter in the evolution of the company’s mission to help companies meet short-term working capital needs.