Digital technology helps MSMEs to reach TReDS platforms: M1xchange CEO

New Delhi, July 27 (KNN) The digital technology has helped Micro, Small and Medium Enterprises (MSMEs) to reach Trade Receivables Discounting System (TReDS) for bill discounting, said M1xchange CEO Sundeep Mohindru.

He said this on Friday while addressing a webinar by ASSOCHAM on how factoring is helping to scale businesses globally.

“MSME enterprises from 352 cities in India are accessing TReds for bill discounting. This reach has become possible with ease of use by digital means. MSME no longer has to run pillar to post for sanction of bank limits for bill discounting,” Mohindru said.

“They can use the abundant liquidity vide TReDS M1xchange.” he added.

Along with the ex-official from RBI MSME ministry, Secretary General of world Factoring association (FCI) Peter Mulroy also joined from USA and expressed his views.

TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of MSMEs through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).

The three TReDS platforms are M1xchange, RXIL, and A.TReDS.