Easebuzz, a leading verticalized SaaS payments platform, has launched a groundbreaking Business-to-Business (B2B) invoice management and payments platform in partnership with NPCI Bharat BillPay Ltd. (NBBL). The platform was unveiled at the prestigious Global Fintech Festival (GFF) 2024 in Mumbai in the presence of the Honourable RBI Governor, Shri Shaktikanta Das. This innovative platform aims to bring seamless interoperability to the B2B payments ecosystem, simplifying business transactions and enhancing operational efficiency.
The launch showcased NPCI’s demonstration of the platform’s interoperability by successfully processing a cross-platform invoice payment on the Easebuzz platform and its integrated payment gateway. This live demonstration highlighted the platform’s capability to streamline complex B2B transactions, addressing the varied needs of businesses with different transaction frequencies, levels of digital adoption, and turnover scales.
Easebuzz’s B2B platform is designed to tackle the key challenges businesses face in managing invoices and payments. Companies with over 70% digital transactions often struggle with data management, while smaller businesses face issues with manual processes and limited access to financing. The new platform offers a comprehensive solution featuring seamless invoice lifecycle management, flexible payment options, and integrated financing services. Additionally, it provides tools for Rewards, Accounting, and Compliance, empowering businesses across sectors to optimize their payment processes and improve cash flow management.
Amit Kumar, Director & CTO of Easebuzz, stated, “Launching a B2B payments platform in collaboration with NBBL is a significant step towards digitising and democratising B2B transactions in India. This platform not only simplifies the invoice presentation and settlement process but also enhances efficiency and compliance across the supply chain. With the integration of auto-reminders, easy financing options, and comprehensive business workflows, we ensure that businesses of all sizes thrive in a secure, cost-effective, and streamlined payment ecosystem, unlocking new opportunities for growth and innovation.”
The platform caters to the unique needs of various industries, including FMCG, textiles, pharmaceuticals, automobiles, aviation, and construction. It addresses critical pain points such as the lack of synchronous invoice acknowledgment, difficulties in managing multiple payment modes, and challenges in handling cash and reconciliation. Key features include a robust payment gateway, an accounting suite, compliance tools, fraud detection, and capabilities for E-Invoicing, Optical Character Recognition (OCR), GST Payments, and Maker-Checker workflows.
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This collaboration between Easebuzz and NPCI Bharat BillPay marks a significant milestone in the evolution of B2B payments in India, promising to streamline and enhance the efficiency of business transactions across industries.
