Launch includes BBPS for Business and UPI Circle
Bengaluru, 29 August 2024: The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, today announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users. These payment solutions are aimed to enhance inclusivity, security, and efficiency of India’s digital payment ecosystem.
The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.
Bharat BillPay for Business (B2B Platforms)
The RBI Governor announced the expansion of BBPS services to cater to business enablement platforms, streamlining B2B payments and collections. This development is expected to change the landscape of business payments across the country through a single, centralised, interoperable platform. Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of size of the business. Offerings like business onboarding, search and add business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are inbuilt in this platform. Banks, Enterprise Resource Planning (ERPs) and B2B fintechs alike can now connect with BBPS for Business and offer their clients a holistic solution.
This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution.
