B2B: KredX and ICICI Bank launch a commercial card
In today’s B2B payments news, KredX and ICICI Bank are teaming up to launch a commercial cashback card. Additionally, Axis Bank and ADB are working on a supply chain finance program.
KredX and ICICI Bank in India to launch commercial cashback card for B2B payments
Supply chain finance company KredX has partnered with ICICI Bank to offer a commercial card for B2B payments. Through the partnership, KredX said it plans to distribute up to 20 billion Indian rupees (about $260 million) in B2B vendor payments per month. The company also said it hopes to increase customer numbers by 300% by the end of the year.
Axis Bank and AfDB launch supply chain finance project
Indian bank Axis Bank has signed an agreement with the Asian Development Bank (ADB) to support supply chain finance. The AfDB will provide guarantees for Axis’ loans, with the program’s initial scale-up amounting to $150 million. Although the program is sector-neutral, it will focus on environment, social and governance (ESG) and other priority sectors to exemplify both banks’ commitment to positive environmental impact in India.
Automation of AR processes improves DSO and reduces chargebacks
According to B2B Payments Innovation Readiness, a PYMNTS and American Express Collaboration based on a survey of 460 companies.