The Trade Receivables Discounting System (TReDS) initiated by the Reserve Bank of India (RBI) in 2014, has strived to support micro, small, and medium enterprises (MSMEs) in financing their trade receivables. Despite its aims, concerns have surfaced about the platform's efficacy in generating significant volumes of invoice discounting, largely due to apprehensions about MSMEs' identities and delayed payments. The TReDS platform, involving over 60 financial institutions, offers transparent pricing, collateral-free limits, and efficient price discovery for MSMEs. It addresses working capital constraints and payment issues, benefiting 1,400 corporations, 25,000 sellers, and 60 financiers. The platform's security and liquidity have been enhanced by the inclusion of insurance companies and a wider range of financiers, making it more appealing for businesses with lower credit ratings.