Context:
Axis Bank has partnered with a Fortune 500 company to launch a B2B collections solution through NBBL’s Bharat Connect (formerly BBPS), becoming the first bank in India to go live with this initiative. The solution leverages Axis Bank’s robust API banking stack and offers a seamless, scalable and customizable platform for B2B payments.
Business-to-Business (B2B)
B2B, short for business-to-business, refers to commercial transactions and interactions between two or more businesses, rather than transactions with individual consumers. It involves the exchange of products, services, or information between companies, where one acts as a supplier or provider to another.
- Definition:B2B describes commerce where businesses sell products or services to other businesses, not directly to end-users.
- Examples:
- A manufacturer selling raw materials to a factory.
- A software company selling software to another company.
- A wholesaler selling goods to a retailer.
- A marketing agency providing services to a business.
Key Features of the B2B Collections Solution
- Seamless Integration: Integrates with various ordering apps across FMCG, Pharma, Automotive, and Healthcare sectors
- Direct Payments: Enables retailers to initiate invoice payments directly from their ordering application
- Biller Operating Unit: Axis Bank functions as the Biller Operating Unit providing this service
- API-Powered Platform: Built using Axis Bank’s agile, scalable corporate API infrastructure
About Axis Bank
- Branches: 5,706 domestic branches (including extension counters)
- ATMs: 14,476 across India
- Reach: Present in 3,122 centres nationwide
- Group Entities: Includes Axis Mutual Fund, Axis Securities, Axis Finance, Axis Trustee, Axis Capital, A.TReDS, Freecharge, Axis Pension Fund, and Axis Bank Foundation
This partnership marks a significant milestone in India’s digital payment evolution by introducing a first-of-its-kind B2B invoice payment and financing platform, enhancing the efficiency of collections for corporates and their distributors.
