Razorpay launches payment reconciliation service for buyers, sellers on ONDC

Full-stack fintech platform Razorpay on Thursday joined the government’s Open Network for Digital Commerce (ONDC) ecosystem by launching a payment reconciliation service for network participants (NPs) like buyers, sellers, and logistic partners.

The move, said the company, will streamline the payment processes on ONDC, providing the users with an integrated single view of all their transactions.

“I believe the possibilities the ONDC network provides are endless and I’m confident the Payment Reconciliation Service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view,” said Shashank Kumar, Managing Director and Co-founder, Razorpay.

Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting Network Participants (NPs) with settling funds.