B2B transactions launched on ONDC network
For wider market access, ONDC has introduced business-to-business (B2B) transactions on the network. Two tech start-ups SignCatch and Rapidor have successfully enabled both the B2B buyer and B2B seller side platforms on ONDC.
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Open Network for Digital Commerce (ONDC) has announced the launch of B2B transactions. It has also set up a working group which is looking at finalising protocols for financial products such as credit and insurance.
The enablement of business-to-business (B2B) transactions on the government-backed e-commerce network, ONDC, is expected to benefit small and medium enterprises across the country by giving them access to a wider market for their products. It will enable the merchants to engage directly with other businesses in wholesale trade.
The B2B transactions on ONDC are powered by two tech startups – SignCatch and Rapidor. They jointly enabled both the B2B buyer and seller side platforms on the network. This will allow interoperability between buyers and sellers.
Mr. T. Koshy MD and CEO said, “This will open up a lot more possibilities. With the launch of the B2B-enabled open network, we are ushering in a new era of e-commerce where businesses can thrive online, overcoming the challenges that have held them back.”
The first B2B transaction on the network took place in May. So far about 160 B2B transactions have already taken place between network participants. The B2B launch is currently running in alpha mode.
Mr. Sivasubramanian Ramann, Chairman and MD at SIDBI expressed SIDBI’s goals saying, “Our dream is to bring on board more than 30-40 lakh small businesses which are today supplying to larger businesses and get them to have a chance of expanding their markets.”