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21/04/2017 10:34am

Mynd Solutions launches TReDS platform to facilitate working capital for MSMEs

image Mynd Solutions launches TReDS platform to facilitate working capital for MSMEs

New Delhi, Apr 21 (KNN) Mynd Solutions, an outsourcing and consulting company recently launched M1- Mynd online National Exchange for Receivables linking MSME sellers, corporate buyers and financiers including banks and NBFC. 

The platform was approved by the RBI to implement Trade Receivables Discounting System (TReDS) that aimed at improving capital flow at feasible interest rates to the MSMEs by reducing receivables realization cycles.

During the launch event, Sundeep Mohindru, Director and CEO of M1 Exchange said that this platform intends to establish a ‘many to many ‘relationship by linking multiple suppliers to multiple corporates and banks.

He further said that the portal will help settle transactions in a more comprehensive way.  The platform offers MSMEs to publicise their receivables and the option to generate working capital within 2 working days through a credible and transparent bidding model.

MSMEs can avail loans at lower interest rates than the offline market via M1 portal.

So far the site has eight corporate buyers and their suppliers. Banks including IndusInd bank, IDFC bank, Kotak Mahindra bank, ICICI bank and DBS bank have joined the portal. (KNN/ DA)

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