NPCI Bharat BillPay Limited (NBBL) announced the launch of the NOCS platform to support Open Network for Digital Commerce (ONDC). The foundation of the ONDC network will support the smooth & secure transfer of funds for its stakeholders.
The national platform Bharat BillPay is managed by NBBL, which has developed NOCS to support ONDC in its mission by providing a population-scale platform to address the difficulties brought on by the increased volume of transactions taking place among various entities on the network.
Under the direction of RBI, NOCS will offer reconciliation and settlement services for the network transactions, ensuring a timely flow of payments to network users.
Additionally, NBBL and ONDC are collaborating closely to launch additional value-added services for customers, sellers, and network participants in the near future.
“We believe NOCS will reinforce the trust of the stakeholders in the network, empowering merchants to evolve, thereby elevating communities and stimulating India’s economic growth”, as stated by Ms. Noopur Chaturvedi, CEO of NPCI Bharat BillPay Ltd.
To ensure a smooth flow of payments, the NOCS platform is integrated with banks, fintechs, and e-commerce players.
Axis Bank, HDFC Bank, IDFC First Bank, Yes Bank, and AU Small Finance Bank are the first five banks on ONDC that will use the platform when it launches in the near future.