DBS Bank India partnered with the eSamudaay network to offer better cash management solutions to MSMEs which conduct business through Open Network for Digital Commerce (ONDC)
The partnership between DBS Bank India and eSamudaay aims to meet the needs of SMEs and MSMEs conducting business through the Open Network for Digital Commerce (ONDC).
ONDC is a private non-profit company established on 31 December 2021 by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Government of India to develop an open e-commerce model. The Network is a set of specifications designed to foster open interchange and connections between shoppers, technology platforms, and retailers.
With the new integration, DBS Bank India would leverage data from eSamudaay digital solutions and analyse the end users’ requirements to offer MSMEs customised credit and cash management products. For instance, the bank’s business clients would get better-personalised offers for managing collections, payments, payroll, liquidity management, and financial products.
eSamudaay is a network of software nodes connected to the ONDC protocol. Each node hosts multiple decentralized marketplaces and multiple decentralized applications (dApps).
The entrepreneur creates a node on eSamudaay for their district and forms an initial business team. It assists sellers in the city to connect to ONDC and create a Seller-first Hyperlocal Marketplace. In their turn, consumers transparently connect to these marketplaces from a plethora of ONDC buyer apps or through a Hometown Super App.
The new joint offering will be piloted in the South Indian cities of Udupi, Thanjavur, Mangalore, and Mysore in 2022. Later on, these solutions should be available to MSMEs in 24 cities across India and they will be able to manage the cash flows of the entire supply chain.
We have recently reported that Coinbase launched L2 network for dApps on Ethereum.