Throughout this partnership, OPEN has become one of the Indian fintechs that offer Bharat Billpay for businesses. This will allow the company to streamline B2B payments for multiple businesses that leverage the Open Money platform.
In addition, the financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Bharat BillPay for Business represents a secure platform that was developed by NPCI Bharat BillPay Limited in order to simplify B2B transactions. The service is expected to allow businesses to manage and pay invoices through the use of an interoperable network that connects ERP systems, accounting software, banks, and financial institutions.
By integrating Bharat BillPay into its Open Money platform, OPEN is set to optimise the manner in which businesses and merchants handle their financial operations, making them faster, safer, and more efficient.
At the same time, the integration will enable businesses that leverage Open Money to generate invoices that are immediately available to their users for reconciliation and instant payments. With Bharat Billpay for Business, merchants receiving bills from vendors and suppliers will have the possibility to automatically view them in the payable section of their systems. This process is expected to eliminate the need for manual entry or downloading invoices from emails, as well as reduce time-consuming administrative tasks and minimising errors.
The partnership represents an important step in OPEN’s mission to provide SMEs with connected financial tools, improve overall business efficiency, and allow companies to focus on development without the challenges that come with financial complexities.
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