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Protean Unveils Recon & Settlement Product

In Important
June 30, 2023

Protean eGov Technologies (formerly NSDL e-Governance Infrastructure), a technology leader in creating digital public infrastructure solutions at population scale, announced yet another building block for the Open Network for Digital Commerce (ONDC) with the launch of its Recon & Settlement Product (RSP) in partnership with the NPCI Bharat BillPay Limited’s (NBBL) NOCS platform as a Settlement Agency (SA).

This collaboration between Protean and NBBL brings together their technological expertise to ensure secure, transparent and seamless fund settlements on the ONDC platform. ONDC and Protean had ideated and conceptualized the RSP along with a few select banks and have successfully tested this first-of-its-kind de-centralized settlement framework between two participants on an open network without the need of any manual intervention or supervision. Network Participants on ONDC are entities who are responsible for enabling Buyer or Seller experiences for their end customers.

The Network Participants who have been early adopters of Protean’s RSP include Addble, Bizom, Eksecond, Esamuday, GrowthFalcons, Jakkur Technoparks Private Limited, Kotak Bank App, MyStore, ndhgo, nStore, placeorder.com (Rapidor), Bech.app and OrderDe.com (SignCatch), Spice Money, Snapbizz, Uengage, Vanghee besides many more NPs who are in early stages of integration.

Protean’s RSP is built to handle transaction volumes at population scale. This incorporates a number of features including automated rule-driven transaction reconciliation processing system to cater to the dynamic terms of the ONDC order contract and an integrated support for tax calculations. It further provides a 360 degree view admin panel and dashboard for buyer and seller network participants to have complete visibility of their settlement payouts & receivables for transactions originating or terminating on the open network. It also offers exception handling capability and control reports for both Banks and NPs to have operational control and governance.

T. Koshy, CEO and MD at ONDC said, “This marks another significant milestone for ONDC with the launch of Protean’s Recon & Settlement Product on NBBL’s NOCS platform. It will empower participants to focus on their core business activities, confident in the knowledge that their payment settlements are streamlined, accurate, and hassle-free. By embracing this advanced solution, our participants can enhance operational efficiency and ultimately strengthen their trust in the ONDC network, propelling digital commerce to new heights of success.”

Suresh Sethi, MD & CEO, Protean eGov Technologies said, “We are thrilled to collaborate with NBBL and continue to build trust in the ONDC network through products which truly make a difference to the network participants. The introduction of a powerful, decentralized, fully automated Recon and Settlement Product from Protean will ensure elimination of hours of manual effort and reconciliation errors in the payment settlement process in the network. It will ensure seamless funds movement and predictability given the dynamic nature of ONDC contracts. We remain committed to our promise of building population-scale interventions that continue to delight & enhance the ease of doing business.”

Noopur Chaturvedi, CEO of NBBL, said, “We aim to redefine trust in payments and settlements on the Open Network for Digital Commerce. By leveraging our technological expertise and ONDC’s decentralized settlement framework, we are empowering network participants with secure and transparent transactions. We are delighted to collaborate with Protean to further develop the NOCS platform. This partnership marks a significant step towards building a future where trust is embedded in every digital interaction.”

Protean, a pioneering technology company committed to building digital public infrastructure, continues to launch innovative products and interventions on ONDC since the network’s inception.