The collaboration will integrate Mastercard’s commercial card service with the KredX platform, eliminating complexities associated with B2B payments made via cards, the companies said in a Thursday (Sept. 7) press release emailed to PYMNTS.
The KredX platform, powered by artificial intelligence (AI), offers dynamic discounting, early payment and price discovery features, according to the release. The features are meant to improve cash flows and enhance supply chain management capabilities for enterprises and vendors. The platform acts as a procure-to-pay offering for businesses, facilitating faster and more efficient matching and processing of invoices.
“By integrating pre-discounting journeys with post-discounting payments, this platform will enhance companies’ operational efficiency and strengthen their supply chain management capabilities,” KredX CEO and founder Manish Kumar said in the release.
B2B payments are known for their complexity due to diverse invoicing, payment terms, currency variations and reconciliation procedures, according to the release.
“Combining KredX’s proprietary technology with Mastercard’s expertise in commercial payment solutions will create a pioneering B2B payments solution accessible to all businesses, supporting them with better cash flows and access to working capital,” Mukul Sukhani, senior vice president of business development for South Asia at Mastercard, said in the release.
The collaboration between KredX and Mastercard also aims to address other challenges associated with B2B payments, including long accounting and reconciliation processes, low vendor acceptance and frequent chargebacks, according to the release.
It also promotes digital payments acceptance by allowing small vendors to receive payments without in-house payment gateways and point-of-sale (POS) machines, per the release.
KredX offers several customizable solutions to help companies meet short-term working capital needs, ranging from enterprise finance to working capital and channel financing solutions for businesses of various sizes in the supply chain ecosystem.
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