Cygnet has tied up with bill discounting providers to assist them in the bill discounting process. Cygnet’s software, FAME is a powerful decision-making platform designed for banks, NBFCs, and corporates to assess the creditworthiness of their loan applicants by combining the data from multiple sources including income tax returns, MCA data, bank statements, and GST data. FAME analyses the data from these sources to check the reliability of the buyer.
Additionally, under the current GST provisions, a buyer’s GST credit is dependent on the vendor’s compliances. If the vendor fails to furnish or furnishes inaccurate information in his GSTR 1, the buyer’s ability to avail of the credit gets hampered. Cygnet provides an invoice reconciliation tool that carries out end to end invoice reconciliation to minimise any ITC losses for the buyer.