Business Finance now as easy as Withdrawing Cash!
Reinventing Business Transactions
India's first Online Exchange for Receivables
7th April - Mynd Solution, launches one of India's first Online Trade Receivable Discounting Exchange Platform M1
M1 Exchange participated in Global Factoring Summit organised by ASSOCHAM in Mumbai.
M1 Exchange gets the green flag from RBI to initiate operations on the platform.
M1 Exchange completes it's first transaction worth 91Lacs with Indus Ind Bank.
Trade Receivables Discounting System is a welcoming step by the RBI to regulate the trade receivables between MSMEs, large corporations and financiers. This is beneficial not just for these individual players, but for the entire economy of the nation.
TReDS is an institutional mechanism set up in order to facilitate the financing of trade receivables of MSMEs from corporate buyers through invoice financing by multiple financiers. This step is deemed to augment the trade account receivable management of the micro small & medium enterprises.
MSMEs, despite their important role in the Indian economy continue to face constraints in obtaining adequate finance, particularly in their ability to convert trade receivables into liquid funds.
Corporates, Government Departments, PSU are the other key constituents of Mynd's TReDS platform. The corporates are the buyers who procure goods or services from MSME suppliers. When a corporate buyer deals in any trade with a seller, the suppliers raises an invoice with respect to the goods or services delivered.
Onboarding M1 brings down the processing costs, eliminate discrepancies and optimize the cash flow for smooth operations for the Corporates.
MSME suppliers who supply goods and services to buyers have always been at the receiving end of the inconvenient trade practices by large corporate houses and find it very hard to convert their trade receivables into liquid funds.
The Suppliers enjoy easy and quick discounting of invoices/bills at competitive rates. The financing is 'without recourse' to the MSME suppliers.
Financiers - Banks and NBFCs are the third pillar of the Trade Receivables Discounting System. The financiers have the task of bidding on invoices which have been uploaded by the seller and approved by the buyer.
Financiers get the opportunity to get quality assets in the MSME Space across a wide geography in minimal time, cost and effort.