24th June 2020, Kathmandu
Siddhartha Bank AND F1SOFT have signed an agreement with online banking “QuickBhuktani.”
Siddhartha Bank Ltd and F1Soft International signed an invoicing agreement reduction service through the “QuikBhuktani” platform.
QuikBhuktani is Nepal’s first online invoice offer developed by F1Soft and supported by UKaid Sakchyam Access in the funding program. It brings consumers, suppliers, and banks to a secure online platform. Using this platform, the digital supplier invoices the buyer, and the buyer accepts it for payment on a fixed schedule.
Siddhartha Bank and F1Soft believe that QuikBhuktani can be very relevant and useful in Nepal, where most transactions have credit information. This will help improve the cash flow between companies that is important in the current context of economic slowdown due to the COVID pandemic 19.
Through this platform, Bank should offer its commercial invoice transfer service to customers using the reverse factoring model. F1Soft should be responsible for platform management and technical support.
If the lender needs this payment before the deadline, the supplier can send an invoice to the consumer bank on the same platform and request an immediate refund from the Bank. The Bank pays discounts to suppliers and collects the total amount of the buyer’s invoice at the end of the payment period.