NPCI Bharat BillPay Ltd (NBBL) has launched the NOCS platform to provide reconciliation and settlement services for transactions undertaken on the Open Network for Digital Commerce (ONDC) network.
The services, provided under the guidance of RBI, will serve as the foundation for the ONDC network and enable smooth, secure and timely transfer of funds to network participants.
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, it said in a 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 to run the national platform Bharat BillPay, has developed NOCS to aid ONDC in its mission by offering a population-scale platform to tackle the challenges posed by the increased volume of transactions occurring among different entities on the network,” the release said.
NBBL is a wholly-owned subsidiary of National Payments Corporation of India (NPCI) which came into effect in April 2021. It 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 by facilitating scalable and cost-effective e-commerce through the open protocol.