The Bank purchased the digital factoring unit of MSME supplier of Godrej Agrovet.
TReDS is a digital platform set up by Reserve Bank of India (RBI) to help MSMEs get their trade receivables financed at a competitive rate through an auction mechanism.This can be done through M1Xchange, (a TReDS platform set up by Mynd Solutions Pvt Ltd).
Standard Chartered Bank has successfully carved out its processes for taking a limit on corporate client and online discounting their vendor invoices. The entire flow from hosting the invoice by the vendor (MSME) on M1Xchange platform, its acceptance by the Godrej Agrovet (Buyer), bidding and financing by the Bank was completed smoothly within minutes.
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