Protean eGov and NPCI Bharat BillPay partner to offer decentralised settlement system on ONDC

Mumbai: Protean eGov Technologies, previously known as NSDL e-Governance Infrastructure, and NPCI Bharat BillPay (NBBL) have teamed up to offer a decentralized settlement system for participants on a digital commerce platform.

In this collaboration, Protean will provide Recon and Settlement services, while Bharat BillPay's NOCS (network operations and compliance system) platform will serve as a settlement agency. This partnership will enable secure, transparent, and smooth fund settlements on the ONDC (open network for digital commerce) platform. The Recon and Settlement Product (RSP) was developed in cooperation with ONDC, Protean, and a few selected banks, and it has been successfully tested. Protean's RSP is designed to handle large transaction volumes.

Participants on the ONDC network are entities responsible for facilitating buyer or seller experiences for their customers. Some of the participants who have adopted the RSP include Addble, Bizom, Eksecond, Esamuday, GrowthFalcons, Jakkur Technoparks, Kotak Bank App, MyStore, ndhgo, nStore, Rapidor, Bech.app, SignCatch, Spice Money, Snapbizz, Uengage, and Vanghee.

The RSP consists of a rule-driven transaction reconciliation processing system that can adapt to changes in ONDC order contracts, along with integrated support for tax calculations. It also provides a dashboard for buyers and sellers to track their settlement payouts and receivables for transactions that take place on the open network.

T. Koshy, CEO and MD at ONDC, stated that this service will empower participants to focus on their main business activities, knowing that their payment settlements are streamlined, accurate, and hassle-free. By adopting this advanced solution, participants can improve operational efficiency and build trust in the ONDC network.

Suresh Sethi, MD & CEO of Protean eGov Technologies, said that the introduction of a powerful, decentralized, and fully automated Recon and Settlement Product from Protean will eliminate manual effort and reconciliation errors in the payment settlement process on the network. It will ensure smooth fund transfers and predictability considering the dynamic nature of ONDC contracts.

Noopur Chaturvedi, CEO of NBBL, said that the collaboration with Protean will further enhance the NOCS platform. She believes that this partnership is a significant step towards building a future where trust is embedded in every digital interaction.