NPCI Bharat BillPay Ltd (NBBL) has launched the NOCS platform to provide reconciliation and settlement services for transactions on the Open Network for Digital Commerce (ONDC) network.
The NOCS platform, developed under the guidance of RBI, will enable the smooth, secure, and timely transfer of funds to network participants.
It is integrated with banks, fintechs, and e-commerce players and will soon go live with five banks on the ONDC network – AU Small Finance Bank, Axis Bank, HDFC Bank, IDFC First Bank, and YES Bank.
NBBL is a subsidiary of the National Payments Corporation of India (NPCI) and operates the Bharat BillPay platform. The ONDC platform was established to promote e-commerce adoption and boost the growth of startups in India by facilitating cost-effective e-commerce through the open protocol.
Open Network for Digital Commerce (ONDC) is an initiative aiming at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. ONDC is to be based on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.