Citibank Singapore launches cloud procurement platform
Citibank Singapore and Visa have announced a partnership with Renepay for a B2B automated e-procurement platform.
Manpower is a prominent cost issue for small and medium-sized enterprises (SMEs) and both businesses and customers can benefit from automated processing systems to reduce cost and increase efficiency, according to Citibank Singapore and Visa.
Citibank would introduce cloud-based procurement platform Renepay for Citi Visa card holders to address complex purchase requirements of medium and large corporates, including declining supplier credit, delayed customer payments, and expensive overheads.
"As a bank that is focused on understanding the needs of our customers, we are always seeking new solutions and ways of servicing to add value to their business," said Citi Singapore head of cards and personal loans, Vikas Kumar.
"Having such financial flexibility and security are critical to a company’s success in today’s fast-evolving business landscape."
Renepay founder, Firdaus Mogul, said the platform would be a beneficial addition to Citi's offerings and had already had its success proven in a trial.
“The success of our business model is evidenced from the huge savings of as much as 17 per cent on direct costs and 43 per cent on order processing costs by corporates using our platform in India,” he said.
“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.”
Businesses would be able to view electronic purchase orders, invoices and payments with Renepay, automation which Visa head of B2B partnerships, Vikram Kshettry, said would assist in beneficial online interactions.
“We recognise that corporate buying is very specialised and corporates have expert procurement teams who understand their requirements in detail,” Kshettry said.
“We wanted to provide them a platform where they can interact with leading suppliers online and arrive at the best price through the online negotiation centre.”
Citibank launched Renepay to Citi Visa Commercial card members in February.