{"id":4287,"date":"2023-04-27T08:25:12","date_gmt":"2023-04-27T08:25:12","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4287"},"modified":"2023-06-06T13:03:26","modified_gmt":"2023-06-06T13:03:26","slug":"razorpay-joins-ondc-becomes-first-payment-gateway-to-launch-payment-reconciliation-service-for-buyer-and-seller-apps","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpay-joins-ondc-becomes-first-payment-gateway-to-launch-payment-reconciliation-service-for-buyer-and-seller-apps\/","title":{"rendered":"Razorpay Joins ONDC; Becomes First Payment Gateway to Launch Payment Reconciliation Service for Buyer and Seller Apps"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">The Fintech Major is eager to support ONDC drive its vision of democratizing digital commerce in India and facilitating digital growth for SMEs, MSMEs, and Kirana stores<\/span><\/i><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru, <\/b><b>27th April <\/b><b>2023:<\/b> <a href=\"https:\/\/razorpay.com\/\"><b>Razorpay<\/b><\/a><b>, <\/b><span style=\"font-weight: 400;\">India\u2019s Leading Full-Stack Payments, and Banking Platform for Businesses, <\/span><b>today announced that it will join the ONDC (Open Network for Digital Commerce) ecosystem. <\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The fintech major becomes the<\/span> <b>First Payment Gateway to launch a Payment Reconciliation Service for Network Participants <\/b><b>(NPs)<\/b><span style=\"font-weight: 400;\"> like buyers, sellers, and logistic partners, thereby streamlining the payment processes on ONDC, and providing them with an integrated single view of all their transactions<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Through this solution,<\/span> <b>Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and <\/b><b>assisting Network Participants (NPs) with settling funds.<\/b><span style=\"font-weight: 400;\"> This is a foolproof solution that validates transactions and maintains audit trails to support documentation that will inform any dispute or discrepancy that may arise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform to be able to do a business transaction, ONDC will enable SMEs to access a larger buyer universe. <\/span><\/p>\n<p><b>Backing the government in this initiative, S<\/b><b>hashank Kumar, Managing Director &amp; Co-founder, Razorpay said,<\/b> <i><span style=\"font-weight: 400;\">\u201cWe at Razorpay have always envisioned a world rich of businesses of all sizes &#8211; help them leverage digital payment technologies to sell more and grow faster. And so we\u2019re really excited to <\/span><\/i><b><i>support the government in this shared vision of democratising e-commerce through the ONDC platform<\/i><\/b> <b><i>and helping Indian SMEs and Kirana store owners reap the benefits of digital commerce.<\/i><\/b><i><span style=\"font-weight: 400;\"> I believe the possibilities the ONDC network provides are endless and I\u2019m confident the Payment Reconciliation Service will only further strengthen the development of ONDC\u2019s tech infrastructure <\/span><\/i><b><i>and help the ecosystem grow seamlessly from a payments and compliance point of view<\/i><\/b><i><span style=\"font-weight: 400;\">.\u201d <\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Thampy Koshy, CEO, ONDC said<\/b><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">\u201cWe are thrilled to welcome Razorpay to ONDC. This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. <\/span><\/i><b><i>With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision.<\/i><\/b><i><span style=\"font-weight: 400;\">\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">With an innovation-first mindset and razor-sharp focus, Razorpay is consistently building its capabilities toward solving all things payments and business banking for over 10Mn businesses, making it the go-to platform that enables exponential growth for Indian businesses of all kinds and sizes.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">***<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fintech Major is eager to support ONDC drive its vision of democratizing digital commerce in India and facilitating digital growth for SMEs, MSMEs, and Kirana stores INDIA, Bengaluru, 27th April 2023: Razorpay, India\u2019s Leading Full-Stack Payments, and Banking Platform for Businesses, today announced that it will join the ONDC (Open Network for Digital Commerce)<\/p>\n","protected":false},"author":14,"featured_media":4290,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[27],"tags":[11,87,33,86,88],"class_list":{"0":"post-4287","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate","8":"tag-featured","9":"tag-ondc","10":"tag-razorpay","11":"tag-razorpay-joins-ondc","12":"tag-razorpay-payment-reconciliation-service"},"modified_by":"Giri Sandeep","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4287"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4287\/revisions"}],"predecessor-version":[{"id":4289,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4287\/revisions\/4289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4290"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}