KredX partners ICICI Bank to offer cashback commercial card for B2B payments

Supply chain finance company KredX has partnered ICICI Bank to offer ‘ICICI Bank-KredX Commercial Card’, for B2B payments. The first-of-its-kind cashback card that enables businesses to avail financial rewards instantly for all B2B payments, without incurring any additional cost.

Through this partnership, KredX aims to disburse upwards of ₹2,000 crore business-to-business vendor payments per month. The company also looks to increase customer base 300% by the end of this year.

According to the company, this partnership creates a unique offering to empower B2B payments by solving the complexities associated with these payments, especially vendor payments across segments.

The commercial card provides a single-view dashboard for all the payment transactions and a management interface. Thus, providing business efficiency and added financial benefits with the cashbacks that complements the efforts of businesses for B2B payments.

To further enhance the rewards, there is an embedded option of dynamic discounting where the customers can run early payments for their vendors and get added discounts on invoices payables. Dynamic discounting helps treasury earn discounts while parallelly helping the vendors to get early and quick access to capital on demand, thus ensuring a financially healthy supply chain.

Beyond the ease, treasury income and cashback, the card and the embedded tech platform will also offer add-on benefits such as reconciliations, dispute managements, three ways matching and complete automation of the entire account payable function which makes the offering holistic and extremely lucrative for businesses.

Commenting on the partnership, Manish Kumar, founder and CEO of KredX said, “This association will help KredX expand its network and will play an instrumental role in further empowering businesses in the financial landscape. This is one of our many efforts in digitizing the financial landscape. We believe in providing a favorable customer experience and this offering will further establish KredX as a platform of choice for all B2B payments.”

Sudipta Roy, head-unsecured asset, ICICI Bank said, “We are delighted to partner with KredX to offer businesses the combined benefit of seamless B2B payments to vendors and suppliers, and earn cashbacks on every payment. The partnership aims to help businesses enhance their productivity with the hassle-free B2B payments and added financial benefits with our commercial card. We are confident that this partnership will see the Bank and KredX scale new heights in the commercial card business.”