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CreditQ, a 360-degree Credit Management and Information platform and the first of its kind in India, has recently launched a new feature called MSMECiBiL, which enables enterprises to collect or settle their credit transactions. With this feature, the platform will have a potent tool in its arsenal, making it easier for businesses to not only manage but also recover bad credit, curtailing the possible losses incurred due to massive defaults.The only credit collection and settlement solution in the country that is tailored to the needs of the MSME players, the MSMECiBiL team, was built based on the vision of the Government of India, which has been championing the growth in the MSME sector, hoping to propel the Indian economy towards prosperity. The MSMECiBiL team regularly follows up with defaulters and creates an easy passage for credit settlement, unless the parties involved decide to settle. The credit settlement solution, built with the goal of boosting cash inflow in businesses, also aids in the settlement process, making the platform a foolproof mechanism.The envisioned success of the MSMECiBiL is founded on the fact that the platform will now be able to automate reminders for collection dates, thus reducing manpower, increasing profitability via ensuring timely payments, minimizing defaults, increasing cash inflow, as well as presenting an optimized image of the creditworthiness of the clients.The benefits of the features aside, already attesting to the efficiency of the platform, this financial year CreditQ has reported around Rs 1800 crore of credit defaults, helping companies track their dues. Similarly, aiming to make strides on the default reporting front, the platform has set the goal of reporting credit defaults worth over Rs 7,000 crore in the next financial year. Moreover, despite braving two epidemic-induced lockdowns, CreditQ has exhibited a solid track record, serving over 3 lakh MSMEs as well as clocking an impressive 59 per cent settlement ratio and 72 per cent positive response ratio. Also, the platform has, till now, reported credit defaults worth Rs 1800 crore.On the occasion of the service launch, an enthusiastic Mukta Mittal, the founder of CreditQ, shared the vision of the business and said, "CreditQ has always been committed to serving the best interests of the clients by giving them comprehensive credit information about their prospective tractions as well as by helping them manage their credit. With this new feature, credit management will be further boosted, as this service will streamline credit collection. As a result, our track record of excellence, as validated by our settlement ratio, positive ratio, and default reporting statistics, will acquire a new dimension."Launched in December 2019 by the parent enterprise, Business Alert Infotech Pvt. Ltd., CreditQ serves as a one-stop solution for any credit-related concern for MSMEs. The platform helps MSME entities manage and track their credit transactions via their comprehensive Business Credit Management feature, launched in May 2022, as well as run a background check in terms of the credit history of their clients via the feature Credit Information Report (similar to the CIBIL Report), but also has a well-managed pool of information that alerts the ventures to stay clear of habitual defaulters.With the aim of creating a healthy business environment, CreditQ checks the creditworthiness of the clients and ensures that the ventures are alerted of potential defaults. Thus promoting fair trade, the CreditQ database strives to offer a holistic view of the credit-oriented risk involved in any given transaction.CreditQ, as evident by the launch of the MSMECiBiL feature, is set to unleash a revolution in the credit management and reporting industry. Further, the platform empowered by its powerful features is eyeing to hit a new milestone via a robust expansion of its consumer base: moving from the current 3 lakh-client mark to serving over 25 lakh clients in the coming financial years.For more information, please visit: http://msmecibil.com/ or https://creditq.in/This story has been provided by SRV.will not be responsible in any way for the content of this article. (ANI/SRV)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business alert infotech pvt. ltd., Latest News

Business :CreditQ, pioneering Credit Management and Information platform, launches MSMECiBiL for credit settlement and collection services

CreditQ, a 360-degree Credit Management and Information platform and the first of its kind in India, has recently launched a new feature called MSMECiBiL, which enables enterprises to collect or settle their credit transactions. With this feature, th ...