Mynd Solutions to Roll out TReDS in Delhi, Mumbai, Chennai, Bangalore, Ahmedabad, Pune & Hyderabad
A break through step in creating and promoting market place for financial products in India, has been taken by Reserve Bank Of India by conceptualizing the idea of set up of exchange for online discounting of Trade receivables.
This is a bold and game changing initiative by RBI to bring the needful change in the market of receivables management for MSME sector. TReDS platform will serve as a central marketplace for e-Discounting of receivables to the participants, namely Purchasers (Corporate buyers), Suppliers (mainly the MSME players) and the Financiers (Banks, Financial Institutions, NBFCs). Financers will bid for the best rate of discount for the buyer approved invoices on TReDS portal. The Suppliers will choose the best bid and receive the payments instantaneously. Financiers will collect the payment from Purchasers on due date.
Mynd Solutions, a key global Business Process Management (BPM) service provider, offering services in business process and technology management,has been appointed by RBI for implementing and managing the exchange namely TReDS. Mynd enables the solution of vendor management and payments process for many large corporates and this platform will enable to customize payments solutions. Private and new age banks have shown keen interest to support this initiative with Mynd.
According to Sundeep Mohindru, Director – Mynd Solutions, “The TReDS platform will provide impetus to the changing needs of the economy and support the initiative of the government for Make in India. Payment process followed by large corporates for their vendors will undergo a change in next few years with the introduction of this platform. Large corporate buyers will be able to support the cash flow requirements for their vendorsand enhance the partnership spirit to enable them to service faster and better.
The implementation of TReDS will benefit the suppliers in various ways – easy, fast finance of receivables at competitive rates, without recourse finance,Hassle free simple documentation&Better Working Capital Management. The buyer will be able to optimize working capital, negotiate better terms with suppliers as well as better liquidity by freeing cash blocked in inventory. An Opportunity to create quality PSL book in MSME Space, reduce marketing cost and better reach to build clientele as well as facility to make better decision making through key information availabilitywill be beneficial to financiers.
Axis Bank &National Stock Exchange’s NSE Strategic Investment Corporation Limited (NSICL) and Small Industries Development Bank of India (SIDBI) combine has also been appointed by RBI for implementing TReDS
About Mynd Solutions
Mynd Solutions is a leading global service provider in business process and technology management, offering broad spectrum of services in Finance and Accounting (FAO), Human Resource Outsourcing (HRO), IT solutions and Consulting.
The company commenced operations in India in 2002 & today it boast of International presence in Asia, Africa, Middle East, US and Europe. The company’s global reach is further supported by a robust partner network spread across 60+ Countries.