It is designed for medium and large corporations.
Citibank Singapore and Visa are launching a cloud-based business-to-business (B2B) platform aimed at addressing complex purchasing requirements for businesses.
Dubbed Renepay, the e-procurement 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.
Available to Citi Visa Commercial Cardmembers, Renepay provides buyers an extended interest-free repayment period while streamlining purchase mechanisms and eliminating paper-based processes. The platform also 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.
“We recognise that corporate buying is very specialised 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 centre,” said Vikram Kshettry, Head of B2B Partnerships, Asia Pacific at Visa.
Renepay founder Firdaus Morgul also highlighted that the platform allows users to customize various forms according to their needs. “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,” he added.
More From Singapore Business Review