Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, has joined forces with NPCI Bharat BillPay (NBBL) to introduce a decentralized settlement system for participants on the Open Network for Digital Commerce (ONDC). This collaboration aims to enable secure, transparent, and seamless fund settlements on the ONDC platform, with Protean providing Recon and Settlement services, while Bharat BillPay’s NOCS (network operations and compliance system) platform serving as a settlement agency.
The partnership between Protean eGov and NPCI Bharat BillPay marks a significant step towards enhancing the efficiency and reliability of fund settlements in the digital commerce ecosystem. By leveraging Protean’s Recon and Settlement Product (RSP) in conjunction with Bharat BillPay’s settlement capabilities, participants on the ONDC network can benefit from streamlined and hassle-free transactions.
The Recon and Settlement Product (RSP) was developed collaboratively by ONDC, Protean, and select banks, and has successfully undergone rigorous testing. Designed to handle large transaction volumes, the RSP provides a rule-driven transaction reconciliation processing system that can adapt to changes in ONDC order contracts. It also offers integrated support for tax calculations, ensuring compliance with relevant regulations.
Several prominent participants on the ONDC platform have already adopted Protean’s RSP, demonstrating the industry’s confidence in the system. Notable participants include Addble, Bizom, Eksecond, Esamuday, GrowthFalcons, Jakkur Technoparks, Kotak Bank App, MyStore, ndhgo, nStore, Rapidor, Bech.app, SignCatch, Spice Money, Snapbizz, Uengage, and Vanghee. These entities play a crucial role in facilitating seamless buyer and seller experiences for their respective customers.
One of the key features of the RSP is its comprehensive dashboard, which allows buyers and sellers to track their settlement payouts and receivables for transactions conducted on the open network. This transparency empowers participants with real-time visibility into their financial transactions, enabling them to monitor and manage their finances effectively.
The decentralized settlement system offered by Protean eGov and NPCI Bharat BillPay aligns with the broader vision of ONDC to create a robust and inclusive digital commerce ecosystem. By implementing a decentralized approach, the system mitigates single-point failures and enhances security, making it resilient against potential disruptions.
Moreover, the partnership between Protean eGov and NPCI Bharat BillPay leverages the expertise and experience of both entities in their respective domains. Protean brings its extensive knowledge in e-governance infrastructure and technological solutions, while Bharat BillPay contributes its proven track record as a settlement agency. The collaboration aims to leverage these strengths to deliver a seamless and reliable settlement experience for participants on the ONDC platform.
As the digital commerce landscape continues to evolve rapidly, efficient and secure settlement systems play a pivotal role in fostering trust and driving growth. The Protean eGov and NPCI Bharat BillPay collaboration on the ONDC platform represents a significant milestone in advancing the digital commerce ecosystem in India. By providing a decentralized settlement system, participants can experience enhanced efficiency, transparency, and security in their financial transactions.
Moving forward, Protean eGov and NPCI Bharat BillPay will continue to innovate and refine the settlement system, ensuring that it remains adaptable to evolving market needs and regulatory requirements. Through their joint efforts, they aim to further strengthen the ONDC platform’s position as a reliable and trusted hub for digital commerce transactions in India.
In conclusion, the partnership between Protean eGov Technologies and NPCI Bharat BillPay marks an important step towards revolutionizing fund settlements on the ONDC platform. With the implementation of Protean’s Recon and Settlement Product, participants can enjoy a secure and transparent settlement process, ultimately driving the growth and success of the digital commerce ecosystem in India.
