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HSBC India launches 'ONDC in a Box'

ONDC aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum.

HSBC India launches 'ONDC in a Box'

Thursday September 07, 2023 , 3 min Read

HSBC India on Thursday announced the launch of 'ONDC in a Box', a one-stop-shop proposition for corporates towards seamless enablement on Open Network For Digital Commerce (ONDC).

With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled proposition, the lender said in a statement.

ONDC is an initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Commerce and Industry to build an open, interoperable network where buyers and sellers can transact without needing to be present on the same platform.

It aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum.

"The 'ONDC in a Box' proposition by HSBC India is presented along with its ecosystem partners—Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya). As part of this proposition, banking services are offered by HSBC India and the ONDC Modules are offered by Protean and Adya.

"The proposition is enhanced by HSBC India's state-of-the-art digital payment solutions for your business by providing a seamless partner-integrated, API-enabled banking journey on ONDC. The end-to-end banking requirements for ONDC across Payments and Settlement are serviced and managed by HSBC India," the statement said.

The ecosystem partner's proposition includes ONDC modules as well as those pertaining to front-end applications like the buyer app, seller app, reconciliation service provider, and issue and grievance management. Also, it enables multi-channel integration across distribution networks, direct-to-consumer and marketplaces, transforming them into an omnichannel business model.

"'ONDC in a Box' empowers our customers with not only the payments and settlement tool-kit facilitated by HSBC India, but also the technology stack required for ONDC enablement, which is powered by our partners," Siddharth Rungta, Managing Director and Head - Global Payment Solutions of HSBC India, said.

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"Through the collaborative strength of HSBC India, Protean and Adya, today marks the unveiling of HSBC India's ONDC-in-a-Box proposition which would enable buyers and sellers to participate in the ONDC Network. This is the start of a strong enabling function being created for future Network Participants to join and take advantage of the ONDC network," T Koshy, CEO of ONDC, said.

Suresh Sethi, MD and CEO of Protean eGov Technologies said this partnership will be beneficial on 3 strategic fronts - first by accelerating ONDC network adoption, second by powering HSBC to enable its global and domestic customers by offering a one-stop-shop for ONDC and third, helping Protean to further its objective of digital financial inclusion.

"ONDC is a population scale protocol that is about to propel India's next decade of growth. It is also an opportunity for businesses to participate in this growth by bringing in their own ecosystems into the protocol. Adya is excited to partner with HSBC India to enable customers to seamlessly and in a scalable manner participate in the ONDC protocol. This partnership is a testament to our shared vision of providing innovative and customer-centric offerings," Shayak Mazumder, Co-founder and CEO of Adya, said.

Edited by Suman Singh