Citibank, Visa to roll out a cloud-based B2B platform

Dubbed Renepay, the eprocurement platform is based on a reverse auction methodology and has an ecosystem of B2B suppliers in Singapore across 10 product categories: beverages, contingent labour, facility management, financial services, freight services, IT hardware and consumables, marketing services, print and stationery, real estate services, and telecom equipment.

Renepay provides buyers an extended interest-free repayment period while streamlining purchase mechanisms and eliminating paper-based processes, claims the company. More than that, the platform aims to reduce time spent on negotiation and boost savings through increased efficiency.

Through Renepay’s centralized tracking feature, companies can further view electronic purchase orders, invoices and payments and minimize errors in reconciliation.

Renepay users in India have reported savings of as much as 17% on direct costs and 43% on order processing costs.