IDBI Bank and Bharat Petroleum Corporation Ltd have inked a business-2-business e-commerce tie up aimed at customers of the latter's Rs 8,000 crore (Rs 80 billion) industrial and commercial strategic business unit.
"The integration of technologies of the bank and BPCL automates the payment and purchase process for the corporate and industrial clients of the oil major," IDBI bank managing director G V Nageswara Rao told newspersons in Mumbai on Thursday.
Those customers, who have an account with the bank and were transacting with BPCL would get the benefit of this tie-up, which was offering this service free.
"With the introduction of such value-added services, we expect to gain more customers", he said adding, this platform could be used in future to offer supply chain financial services also.
BPCL director finance Ashok Sinha said this new service automatically eliminates time lag between realisation of payments made by large corporate or industrial houses and the clearance of supplies by the company.