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TReDS (Trade Receivables Electronic-Discounting System) is an online platform that helps Micro, Small, and Medium Enterprises (MSMEs) finance their trade receivables. It allows MSMEs to discount their invoices and bills of exchange to large corporations, which can help them reduce working capital needs, improve liquidity, and manage cash flow better. The concept of TReDS to facilitate the financing of trade receivables of MSMEs was introduced by the RBI in 2014. Accordingly, the RBI, in 2017, issued licence to three players – RXIL, Invoicemart and M1Xchange.