SynopsisReceivables Exchange of India (RXIL), Invoicemart and M1xchange, the first three operators of the central bank-backed invoice discounting system, currently account for an overwhelming share of the transactions—about 90% in May as per RBI data. Interoperability will enable businesses registered on one platform to do transactions with other platforms.The Reserve Bank of India is pushing for interoperability in the Trade Receivables e-Discounting System (TReDS) to ensure that business on the platform does not concentrate among just two or three entities, like what was seen on UPI, three people in the know said.“The conversations with industry participants have already happened, the process note has also been shared, so there is a fair understanding how the system will work, implementationNow Playing