Among others, RBI said, TReDS should have sound technological basis to support its operations, be able to provide electronic platform for all the participants and information about bills, discounting and quotes should be in real time supported by a robust information system.

"The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site...Shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation," it added.

TReDS will facilitate financing of invoices/bills of MSMEs drawn on corporate and other buyers, including government departments and PSUs by way of discounting.

It would discount invoices so that final payment of the bill to the MSME is made by buyer on a due date.

MSME sellers, corporate and other buyers, including the government departments and PSUs, and financiers (both banks and NBFCs) will be direct participants in the TReDS, RBI said.

Setting up of TReDS platform follows statement by RBI Governor Raghuram Rajan in September 2013 to facilitate an electronic bill factoring exchange in the country for MSMEs.

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