Mumbai: KredX, India’s largest supply chain finance platform on Thursday said it has collaborated with Mastercard, to make B2B digital payments rewarding for both enterprises and vendors.
As part of the collaboration, Mastercard will integrate its commercial card service with the KredX platform, eliminating the complexities associated with B2B payments, especially those made via cards.
With dynamic discounting, early payment, and price discovery features, the platform will enable enterprises and vendors to improve their cash flows. Powered by Artificial Intelligence, it will act as a complete procure-to-pay offering for businesses, helping them with faster and more efficient matching and processing of invoices.
Further, the Smart Bid algorithm will help enterprises discover the best discount rates from vendors.
“We are delighted to collaborate with Mastercard to provide a complete B2B payment solution for businesses.
By integrating pre-discounting journeys with post-discounting payments, this platform will enhance companies’ operational efficiency and strengthen their supply chain management capabilities. Accelerating supply chain velocity through financial innovation has been central to KredX’s value proposition,” said Manish Kumar, CEO & Founder, KredX.
The platform will also address some of the other challenges associated with B2B payments, such as long accounting and reconciliation processes, low vendor acceptance, and frequent chargeback. Further, it will be instrumental in promoting digital payments acceptance by allowing small vendors to receive payments even in the absence of in-house payment gateways and PoS machines.
“B2B payments are ridden with complexities of diverse invoicing, payment terms, currency variations, and reconciliation procedures. 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. This collaboration reiterates Mastercard’s commitment to furthering digital payments acceptance by providing unique and innovative solutions to businesses,” said Mukul Sukhani, Senior Vice President, Business Development, South Asia, Mastercard.
