In-Solutions Global Ltd (ISG) and J.P. Morgan Payments have unveiled an innovative digital commerce solution, "ONDC made easy," at the prestigious Global Fintech Festival 2024. This groundbreaking initiative is designed to serve as a comprehensive 'one-stop shop' for digital commerce, blending the strengths of ISG’s cutting-edge ONDC (Open Network for Digital Commerce) technology stack, which is powered by its strategic ecosystem partner Protean, with the extensive banking capabilities and global reach of JP Morgan in India.
The "ONDC made easy" solution is poised to revolutionize the way businesses engage in digital commerce by empowering JP Morgan’s corporate clients to seamlessly integrate into the ONDC network. This allows them to transform into sellers on a platform that offers direct access to a vast and dynamic marketplace of potential buyers. The ONDC network, known for its unique and decentralized structure, enables buyers and sellers to conduct transactions without the need to be confined to a single platform, thereby greatly expanding business opportunities and fostering a more inclusive digital economy.
The timing of this launch is particularly significant given the explosive growth of India’s ecommerce industry, which is anticipated to accelerate in the coming years. The collaboration underscores JP Morgan’s unwavering commitment to supporting its clients in navigating this high-growth environment by leveraging innovative technologies and emerging digital infrastructure. Guhaprasath Rajagopal, Managing Director & Head of India Payments at JP Morgan, highlighted the strategic importance of this partnership, emphasizing that it aligns with the bank’s mission to facilitate the digital journeys of its clients, enabling them to scale their businesses more efficiently and effectively.
TKoshy, Managing Director & CEO of ONDC, lauded the partnership as a transformative step for the ONDC ecosystem. He noted that the inclusion of JP Morgan’s corporate clients will inject new value into the network, enriching the digital commerce landscape by offering expanded choices and opportunities for both buyers and sellers. This collaboration is expected to play a pivotal role in enhancing the vibrancy and dynamism of the ONDC network, which has already recorded over 12 million business transactions as of July 2024.
ISG will take on a critical role as a network participant, providing the essential digital payments and settlement infrastructure that ensures transactions are executed smoothly and securely. In parallel, JP Morgan will deliver its comprehensive banking services to its clients and sellers participating in the ONDC network, facilitating a seamless integration into this rapidly growing digital marketplace. A key feature of the solution is the advanced Seller app and reconciliation services developed by ISG, which are powered by Protean. This app is designed to be highly adaptable, with the capability to integrate seamlessly with corporate Enterprise Resource Planning (ERP) systems, offering businesses a complete and streamlined digital commerce solution.
Suresh Sethi, Managing Director & Chief Executive Officer at Protean eGov Technologies Ltd., expressed enthusiasm about the partnership, underscoring its potential to significantly enhance supply chains, drive growth through catalog digitization, and provide businesses with direct access to the ONDC network. He emphasized that this collaboration represents a significant milestone in Protean’s ongoing efforts to build robust Digital Public Infrastructure (DPI) and large-scale e-governance solutions that promote a more democratic and inclusive commerce ecosystem.
The collaboration between ISG and JP Morgan builds on their previous successes, particularly in the Asia Pacific region, where they have already demonstrated their capability to deliver secure, efficient, and scalable payment solutions. Adelia Castelino, Co-founder & Managing Director at ISG, expressed her excitement about extending this successful partnership to the ONDC network, noting that this initiative is set to elevate the digital commerce experience for both buyers and sellers to new heights. She highlighted the importance of this collaboration in enriching the digital commerce landscape, enabling businesses to thrive in an increasingly interconnected and digital world.
As the "ONDC made easy" solution gains traction, it is expected to set a new standard for digital commerce in India, providing businesses with the tools and support they need to succeed in a rapidly evolving market. This partnership not only marks a significant advancement in digital commerce but also reaffirms the commitment of ISG, JP Morgan, and Protean to fostering innovation and creating value for businesses and consumers alike.
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