ONDC is working on a framework for an in-house settlement system

18 May 2022, Mumbai:

The open network for digital commerce (ONDC ). The government-backed initiative aimed at curbing digital monopolies is working on a framework for an in-house settlement system.

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According to its CEO MP Koshy.

koshy expects that it will bring in 'efficiency in processing' payments, especially for new entities. It is said to be ready in a month's time.

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A committee with representatives from ONDC, Bombay stock exchange, and National stock exchange as well as from the national payment corporation of India (NPCI) and a few leading banks are evaluating the regulatory framework for the service which can be offered by any service provider on the network.

ONDC which is being pitched as a solution to make the E-Commerce platform agnostic and therefore break the dominance of large etailers.

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CREDITS: ET Dt 18-05-2022 (The news article has not been edited by DFU Publications staff).