Mumbai, September 4, 2024: M1xchange, India’s top TReDS (Trade Receivables Discounting System) platform, has unveiled a new endeavor to bring company payments and accounting systems closer to invoice discounting markets. strategic alliance with the B2B platform of NPCI Bharat BillPay Ltd. (NBBL). This Businesses will be able to receive affordable invoice finance via TReDS thanks to the cooperation. straight from their accounting program. This innovative funding option will improve the effectiveness of commercial payments for TReDS registered enterprises throughout India. The live demonstration of this partnership’s utilization of Zoho accounting software in tandem with The Bharat Connect B2B platform was used by Shri Shaktikanta to introduce M1xchange. Das, the RBI Governor, during the first day of the Mumbai-hosted Global Fintech Fest 2024.
Through this interface, businesses who have previously enrolled on the TReDS platform may obtain invoice financing from a variety of lenders straight from their accounting software, including Easebuzz, Happay, and Zoho Books. As soon as a When a company uses the accounting platform of their choice to raise an invoice, they will now have a choice to initiate a finance request for the invoice(s). This request is made immediately. sent to TReDS (M1xchange), where a competitive financing rate is obtained through bidding. via a number of financiers and returned to the accounting program via the API structure under NPCI Bharat Connect B2B management. The company can then agree to the funding offer, and the money is released in a day — all with the business user use their accounting software alone.
“This collaboration with NPCI Bharat BillPay is a significant step forward in addressing the crucial challenges faced by businesses in managing B2B payments,” stated Sundeep Mohindru, Promoter & Director of M1xchange. Through the integration of invoicing By adding funding straight into the Bharat Connect platform, we are simplifying the process for Working cash may be accessed by buyers and sellers whenever needed, without departing from their accounting software. This flawless encounter will give you more strength. businesses across India, particularly MSMEs, by enhancing liquidity, reducing payment cycles, and fostering financial inclusion. “
“Partnering with M1xchange was a strategic decision for us as we recognize the critical role that timely access to working capital plays in driving business growth and sustainability,” stated Ms. Noopur Chaturvedi, CEO of NPCI Bharat BillPay Ltd. Through the incorporation of TReDS functionalities into Bharat Connect for Business, we are filling a major void in the market—allowing companies, particularly MSMEs, to improve their payment procedures without interfering with their current operations. This partnership demonstrates our dedication to encouraging creativity and improving financial inclusion by offering a thorough, safe, and effective a system that helps firms all throughout India meet their changing demands.”
At the Global Fintech Festival, the first transaction demonstrating the integration of Bharat Connect and TReDS platforms of M1xchange was shown live. This transaction, carried out in a real-time production setting, shows the resilience and the solution’s suitability for broad adoption.
Concerning M1xchange
Launched in April 2017, M1xchange is a TReDS (Trade Receivables Discounting) exchange. M1xchange makes it easier for MSMEs to finance their trade receivables from corporate purchasers through financiers’ “factoring” or “invoice discounting” (Banks and NBFC). M1xchange has quickly brought on board more than 60 banks and 1,600+ corporates, as well as more than 35,000 MSMEs, and has made it easier for more more than Rs. 1,10,000 crore. On the TReDS platform, transactions take place digitally and begin when the buyer approves an invoice raised by the MSME supplier of goods and services. This enables banks and other financial institutions to bet against the authorized and validated invoice. When the bid is accepted by the provider, the payment is credited to the MSMEs bank account after being processed in a day. By means of this M1xchange’s platform guarantees MSMEs improved access to financing at competitive prices and without supplying any security. Further, the financing is without recourse. MSMEs pass on the risk of receivables to the financiers (NBFCs/Banks) by selling their receivables.