EnKash, a fintech startup, announces a collaboration with the NPCI Bharat BillPay to launch B2B invoice payments on the platform.
The partnership leverages the Olympus platform, powered by EnKash to enhance business efficiency by streamlining invoice management and payments through the BBPS platform.
The RBI Governor Shaktilata Das launched the Bharat BillPay for Business at the Global Fintech Fest 2024.
The strategic initiative will allow businesses to manage and pay invoices effortlessly through the BBPS platform. Moreover, businesses can now access financing options through the 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.
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.
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.
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poised to leap from $7 trillion to $15 trillion by the end of the decade, many companies are still grappling with outdated manual processes.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 synchronized invoice acknowledgement, real-time transaction information, and seamless reconciliation, bringing a new level of efficiency and transparency to business operations.”
