‘Mynd Solutions’ M1 Exchange announced its first successful online invoice discounting transaction. M1 Exchange 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 M1 Exchange 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.
Commenting on the initiative, Sundeep Mohindru, Founder-Director & CEO, M1 Exchange, said, “It is a proud moment for all of us at Mynd Solutions. The rigorous efforts post going live in April, by M1 team has led to the achievement of this milestone. We aim to make this digital experience of bill discounting on the Exchange quicker and more fulfilling for all the participants. I would like to congratulate IndusInd Bank for the set-up of their seamless process and speed of the team for adaption to the technological change, without which the transaction would not have been possible. We invite other Corporates and Banks to join this initiative by RBI that will enhance the growth of business and fulfil the funding needs of MSME sector in India, along with strengthening the digital payments in the country.”
M1 Exchange has already on-boarded 12 corporate buyers and their suppliers for transaction on the Exchange. It has also on-boarded multiple banks in addition to IndusInd Bank.
Ramesh Ganesan, Head of Transaction Banking at IndusInd Bank said, “This is indeed a path breaking initiative from RBI towards providing efficient Working Capital financing for MSME suppliers. This platform holds huge potential for making Supply Chain Financing more competitive and digital in India. Congratulations to Mynd Solutions for launching this online platform successfully. We are very excited to be part of this journey and proud to finance the first transaction. We are confident that such platforms will go a long way in unleashing India’s digital potential.”