Citibank and Visa are partnering up to launch a B2B platform for companies in Singapore aimed at streamlining complex business purchasing processes.
Reports Friday (Mar. 3) said the companies are rolling out an eProcurement platform, Renepay, based on a reverse auction business model. The network will include B2B suppliers across the country within various industries, including financial services, marketing, real estate, telecom, beverages and more.
Customers of Citi’s Visa Commercial Card will have access to the Renepay platform and can take advantage of extended payment periods without interest when making purchases on the network. The platform also digitizes paperwork typically involved in procurement processes, reports said, and aims to reduce contract negotiation time.
The platform processes electronic purchase orders, invoices and payments, Citi and Visa noted.
“We recognize that corporate buying is very specialized, and we wanted to provide buyers a platform where they can interact with leading suppliers online and arrive at the best price through the online negotiation center,” said Visa’s Vikram Kshettry, head of B2B partnerships in Asia-Pacific.
“At every step of the procurement cycle, we allow corporates to decide on what best works for them including what to purchase, which suppliers to transact with and the payment process which they would like to adopt,” added Renepay founder Firdaus Morgul in another statement.
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