January 9: Laxmi Bank Ltd and F1Soft International Pvt Ltd have signed an agreement for the executionof invoice discounting service through ‘QuikBhuktani’ platform.
According to a joint statement issued by the companies, ‘QuikBhuktani’ is Nepal’s first online invoice discounting and reverse factoring platform developed by F1Soft, with support from UKaid’s Sakchyam Access to Finance Programme. Laxmi Bank shall provide the facility of invoice discounting in reverse factoring model to its clients through this platform, the statement added. F1Soft shall take the responsibility of platform management and technical support.
QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform.
“Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. Once the invoice is approved by buyer, the supplier can forward that bill to the bank through the same platform and receive instant payment from the bank. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.”
Laxmi Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in the context of Nepal where majority of business transactions are done in credit.