Laxmi Bank Ltd and F1Soft International have approved an agreement for the execution of invoice discounting service through the ‘QuikBhuktani’ platform. ‘QuikBhuktani’ is Nepal’s first online invoice discounting and reverse factoring platform produced by F1Soft, with support from UKaidSakchyam Access to Finance Programme.
According to a press statement, Laxmi Bank shall render the facility of invoice discounting in reverse factoring model to its clients through this platform.
F1Soft shall take the reliability of platform management and technical support. QuikBhuktani carries together buyers, suppliers and the bank in a secured web-based platform.
Utilizing this platform, a supplier digitally issues an invoice to the buyer and the buyer accepts it for payment with a fixed timeline. Once the buyer accepts the invoice, the supplier can send that bill to the bank through the same platform and get instant payment from the bank.
The bank makes discounted payments to suppliers and collects the full invoice amount later from the buyer at the end of the payment timeline. Laxmi Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, particularly in the context of Nepal where the majority of business transactions are done on credit.