In today’s B2B payments news, KredX and ICICI Bank partner to launch a cash back commercial card. Plus, Axis Bank and ADB work on a supply chain financing program.
Supply chain finance company KredX has partnered with ICICI Bank to offer a commercial card for B2B payments. Through the 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.
India’s Axis Bank has signed an agreement with the Asian Development Bank (ADB) to support supply chain financing. ADB will provide guarantees for Axis’ lending, with the program’s initial foundational ramp-up coming in at $150 million. While the program will be sector agnostic it will focus on environmental, social and governance (ESG) and other priority sectors to illustrate the two banks’ commitment to positive environmental impact in India.
About two-thirds of firms that have automated accounts receivable (AR) processes reported that they have benefited from improved days sales outstanding (DSO), and about half said they have achieved lower delinquency rates, according to B2B Payments Innovation Readiness, a PYMNTS and American Express collaboration based on a survey of 460 businesses.