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NPCI Bharat BillPay ltd launches NOCS platform
April 26, 2023
NPCI Bharat BillPay Limited (NBBL) has announced the launch of the NOCS platform to support Open Network for Digital Commerce (ONDC) in its goal of decentralising digital commerce in India. This platform will serve as the foundation for the ONDC network enabling a smooth and secure transfer of funds for all its stakeholders.
ONDC aims to create an inclusive competitive marketplace by enhancing the participation of multifarious entities and bringing them together under one unified platform network. 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.
NOCS will provide reconciliation and settlement services, under the guidance of RBI, for the transactions occurring on the network, assuring a timely flow of payments to network participants. 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.
Commenting on the occasion, Ms. Noopur Chaturvedi, CEO, NPCI Bharat BillPay Ltd., said, “At NPCI & NBBL, we take immense pride in our role as drivers of digital payment solutions in the country. Continuing on our legacy, we have launched the NOCS platform which will support ONDC in its pursuit of democratising digital commerce in India. 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.”
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