HSBC India has unveiled ‘ONDC in a Box,’ a comprehensive proposition designed to facilitate seamless enablement on the Open Network for Digital Commerce (ONDC). This move establishes HSBC India as the first foreign bank in the country to offer an ONDC-enabled solution. The ONDC, initiated by the Department for Promotion of Industry and Internal Trade and the Ministry of Commerce and Industry, aims to create an open, interoperable network that enables buyers and sellers to transact without being restricted to a single platform.
HSBC India has collaborated with ecosystem partners Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya) to present the ‘ONDC in a Box’ proposition. This offering combines HSBC India’s banking services with ONDC modules from Protean and Adya. HSBC India also provides cutting-edge digital payment solutions to support seamless partner-integrated, API-enabled banking experiences on ONDC, addressing end-to-end banking requirements for Payments and Settlement. The ecosystem partners offer modules for ONDC as well as front-end applications, such as buyer and seller apps, reconciliation service providers, and issue and grievance management. The solution enables multi-channel integration across distribution networks, direct-to-consumer channels, and marketplaces, transforming them into omnichannel business models.
Siddharth Rungta, Managing Director & Head of Global Payment Solutions at HSBC India, emphasized that ‘ONDC in a Box’ empowers customers with a comprehensive toolkit for payments and settlement, supported by technology stacks from their partners. This collaborative effort by HSBC India, Protean, and Adya marks the launch of a powerful enabling function for future ONDC network participants.
T Koshy, CEO of ONDC, praised the collaboration, emphasizing that it marks the beginning of a robust enabling function for future network participants to harness the benefits of the ONDC network.
Suresh Sethi, MD & CEO of Protean eGov Technologies, highlighted the strategic advantages of the partnership, including accelerating ONDC network adoption and enabling HSBC to offer a one-stop-shop for ONDC to its global and domestic customers, thereby advancing the cause of digital financial inclusion.
Shayak Mazumder, Co-Founder & CEO of Adya, expressed excitement about the partnership, emphasizing their shared vision of providing innovative and customer-centric offerings that enable seamless and scalable participation in the ONDC protocol.
This move by HSBC India reinforces its commitment to providing comprehensive solutions that enable businesses to participate in India’s digital commerce growth through the ONDC network.
