-KH News Desk (cbedit@imaws.org)
- OPEN is one among the first few Indian fintechs to offer Bharat Billpay for Business on the Open Money platform.
- Business-to-business (B2B) payments get simplified for over 40 lakh Indian businesses who use Open Money, a connected finance platform that empowers businesses to manage all their business finance systems, right from banking to accounting in one place.
Mumbai, 29th August 2024: OPEN, a leading fintech that offers an all-in-one finance platform for SMEs to automate their finances, has launched Bharat Billpay for Business in partnership with NPCI Bharat BillPay Limited (NBBL). With this launch, OPEN became one among the first few Indian fintechs to offer Bharat Billpay for Businesses.
Bharat Billpay for Business is a cutting-edge platform developed by NBBL that streamlines B2B transactions by enabling businesses to manage and pay invoices via an interoperable network connecting ERP systems, accounting software, and banks within the Bharat Billpay network.
Over 40 lakh businesses who use Open Money can now effortlessly generate invoices that are instantly available to their clients through their accounting software, bank, or ERP systems for instant payment and reconciliation. Likewise,when businesses receive bills from vendors or suppliers via Bharat Billpay for Business, the bills are automatically displayed in the payable section, eliminating
the need to download them from emails or manually enter the bill details.
“We are thrilled to partner with NBBL to bring the power of Bharat Billpay for Business to businesses across India. This collaboration represents a significant step towards simplifying financial operations for businesses by seamlessly integrating invoicing, payments, and financial automation,” said Anish Achuthan, Co-founder &CEO of OPEN.
About Open Financial Technologies Pvt Ltd.
Founded in 2017, OPEN is a connected finance platform that powers more than 40 lakh businesses in India to manage everything from banking, accounting,bookkeeping, expense management, compliance and payroll in one single platform.OPEN received the RBI approval for its cross border payment product in July 2022 and was among the first 5 companies to get the PAPG Approval from RBI in December 2023. OPEN raised its Series D round In May 2022, and became the 100th Unicorn from India. OPEN is backed by leading global investors like IIFL Finance, Temasek, Google, Visa, Tiger Global, Beenext, Recruit Strategic Partners, 3one4 Capital, Speed invest, Tanglin Venture Partner Advisors, Angellist, Unicorn India Ventures, to name a few and has raised over USD 190 million infunding to date.
