M1xchange Completes its first TReDS Transaction with IndusInd Bank

M1xchange Completes its first TReDS Transaction with IndusInd Bank. Mynd Solutions M1xchange today announced its first successful online invoice discounting transaction. M1xchange had gone live for the customers (MSME sellers, corporate buyers and financiers) from April 7, 2017. The transaction worth Rs. 91 Lakhs was discounted on the Exchange by IndusInd Bank for a supplier of a large electronics company. The entire process from hosting the invoice by the vendor (MSME) on M1xchange platform, its acceptance by the Corporate Buyer, bidding and financing by the bank has been completed in 48 hours. It marks the beginning of easy inflow of working capital to MSME vendors in the country, further enhancing the business engagement between the Corporates and the vendors. In this connection, our Bank will issue a Press Release today. A copy of the same is enclosed for your kind perusal and record.