Mastercard collaborates with KredX to make B2B payments rewarding for enterprises and vendors
September 6, 2023 | Mumbai, IndiaIntegrates commercial card service with the supply chain finance platform to eliminate challenges around accounting and reconciliation processes, vendor acceptance, and chargeback
Mastercard today announced its collaboration with KredX, a supply chain finance platform, 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.
Equipped with features like dynamic discounting, early payment and price discovery, 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.
“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 further digital payments acceptance by providing unique and innovative solutions to businesses,” said Mukul Sukhani, senior vice president, Business Development, South Asia, Mastercard.
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.
“We are delighted to collaborate with Mastercard to provide a complete B2B payments 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 and founder, KredX.
Media Contacts
About KredX: www.kredx.com
Founded in 2015 in Bangalore by Manish Kumar and Anurag Jain, KredX is India's largest supply chain finance platform accelerating finance through the use of cutting-edge technology and data. The company offers a host of customizable solutions ranging from enterprise finance and cash flow management solutions to working capital and channel financing solutions for businesses, large and small, operating within the supply chain ecosystem while offering unique alternative debt investment solutions to investors worldwide. Through the use of reliable technology to accelerate customer growth, the company aims to become the world’s fastest operating system for supply chain finance.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
