The platform aims to allow enterprises and vendors to improve their cash flows by equipping them with features like dynamic discounting, early payment, and price discovery. Supported 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 better discount rates from vendors.
Mastercard’s officials emphasise the complexities in B2B payments due to factors like diverse invoicing, payment terms, currency fluctuations, and reconciliation processes. They are partnering with KredX, leveraging KredX's technology and Mastercard's commercial payment expertise to develop an innovative B2B payment solution. This solution aims to benefit businesses by improving cash flow and enhancing access to working capital, aligning with Mastercard's commitment to advancing digital payments acceptance for businesses.
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.
Representatives from KredX said they 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.
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