Full-stack fintech platform Razorpay on Thursday joined the government's Open Network for Digital Commerce (ONDC) ecosystem by launching a payment reconciliation service for network participants (NPs) like buyers, sellers, and logistic partners.
The move, said the company, will streamline the payment processes on ONDC, providing the users with an integrated single view of all their transactions.
"I believe the possibilities the ONDC network provides are endless and I'm confident the Payment Reconciliation Service will only further strengthen the development of ONDC's tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view," said Shashank Kumar, Managing Director and Co-founder, Razorpay.
Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting Network Participants (NPs) with settling funds.
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With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform to be able to do a business transaction, ONDC will enable SMEs to access a larger buyer universe.
"This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision," said Thampy Koshy, CEO, ONDC.
Razorpay is building its capabilities toward solving all things payments and business banking for over 10 million businesses, making it the go-to platform that enables exponential growth for Indian businesses of all kinds and sizes.
Established in 2014 by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator.
Investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million in the company.
