The National Payments Corporation of India’s (NPCI) subsidiary, NPCI Bharat BillPay Ltd (NBBL), has launched the NOCS platform to provide reconciliation and settlement services for transactions made on the Open Network for Digital Commerce (ONDC) network. This platform will serve as the foundation for the ONDC network and enable secure and timely transfer of funds to network participants.
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The NOCS platform is integrated with banks, fintechs, and e-commerce players, and will soon go live with the first set of five banks on ONDC—AU Small Finance Bank, Axis Bank, HDFC Bank, IDFC First Bank, and YES Bank. According to the release, NBBL is also working closely with ONDC to bring other innovations to the ecosystem and launch more value-added solutions for the customers, sellers, and network participants in the foreseeable future.
NBBL, with its expertise in running the national platform Bharat BillPay, has developed NOCS to aid ONDC in its mission. This will offer a population-scale platform to tackle the challenges posed by the increased volume of transactions occurring among different entities on the network. NBBL operates the Bharat BillPay platform, which processes millions of transactions per month and has over 20,000 billers.
The ONDC platform was set up to facilitate the rapid adoption of e-commerce and boost and strengthen the growth of startups in India. This is done by facilitating scalable and cost-effective e-commerce through the open protocol.
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