Parul
EnKash, a trailblazer in corporate payments and business innovation across Asia, announces a groundbreaking collaboration with the NPCI Bharat BillPay Limited (NBBL) to launch B2B invoice payments on the platform. The RBI Governor Shaktikanta Das launched the BharatBill Pay for Business at the Global Fintech Fest 2024. The partnership introduces a new era of efficiency for businesses by leveraging the cutting-edge Olympus platform, powered by EnKash.
The strategic initiative will allow businesses to manage and pay invoices effortlessly through the BBPS platform. Moreover, businesses can now access financing options through TReDS platform via NBBL and financial institution partnerships, further enhancing their financial agility. The Olympus platform by EnKash supports a wide array of payment methods, including UPI, net banking, cards, NEFT, and IMPS, offering unparalleled flexibility.
Yadvendra Tyagi, Co-founder of EnKash, shared his excitement about the collaboration, “This is a landmark moment for business payments in India. With the business spend market poised to leap from $7 trillion to $15 trillion by the end of the decade, many companies are still grappling with outdated manual processes. Our strategic collaboration with NBBL will transform this process by addressing compliance challenges and streamlining the entire payment journey. Our platform ensures synchronised invoice acknowledgement, real-time transaction information, and seamless reconciliation, bringing a new level of efficiency and transparency to business operations.”
The real-time processing capabilities of the Olympus platform ensure seamless information exchange between buyers and suppliers, drastically improving operational efficiency while slashing administrative overheads. By integrating with BBPS, EnKash is not only simplifying compliance and reconciliation but also streamlining business operations for companies of all sizes.
In this innovative framework, ‘The Seller’ will upload invoices to the Olympus platform, while ‘The Buyer’ can conveniently retrieve and pay invoices online. The payment details are shared with sellers in near real-time. EnKash, as the Operating Unit (OU), has integrated with NBBL’s BBPS to manage B2B invoice payments and handle onboarding and KYC processes.
This pioneering initiative marks a significant leap forward in simplifying B2B transactions and setting a new standard for digital payments across India.
