However, maintaining liquidity of their funds is one of the major concerns faced by these small businesses in India.To help MSMEs with the same, RBI authorised to establish Receivables Exchange of India Limited RXIL ). This entire platform infrastructure (including Development and UAT workloads) resides on the cloud.The SIDBI and NSE backed RXIL recently introduced a digital onboarding platform that allows MSMEs to remotely upload their documents. The onboarding application, with the help of APIs, is integrated with various government databases such as GSTN, MCA etc. Further, e-Signing and e-Stamping solutions have reduced manual interventions during the onboarding process.Once an MSME seller has all the prerequisites in order, he can complete the onboarding and start transacting on RXIL platform in a day. By issuing unique OAuth tokens for every API consumer (Buyer, Account Aggregator or Financier), we limit the access to only their data and information.

Source: Economic Times August 17, 2020 03:09 UTC