YES BANK today announced its partnership with SellerApp, a seller-centric intelligence platform, to facilitate adoption of Open Network Digital Commerce (ONDC) amongst the seller segment of its customer base and help them increase their digital commerce footprint. Aimed at promoting open networks for the exchange of all kinds of goods and services over digital or electronic networks, ONDC is a strategic initiative aimed to democratize the entire digital commerce space.
Speaking on the development, Mr. T Koshy, MD and CEO, ONDC, said, “This innovative initiative from YES BANK to enable their business clients to be part of ONDC through their strategic alliance with SellerApp, which is the one of the first Network Participants, is very encouraging. This is an excellent example of YES BANK creating a diverse business model to embed themselves in an Open Network. I am sure this model will evolve to be a great boon in enhancing market access for their corporate clients, especially small and medium enterprises who will be coming online first time.”
Commenting on the partnership, Mr. Prashant Kumar, MD & CEO, YES BANK said, “We are pleased to create access for our enterprise customers to be part of the strategic ONDC network, which aims to democratize the digital commerce space and entrust more power to businesses. This association will enable us to positively impact the business momentum of our SME, MSME and other enterprise customers across India and Bharat. We believe this partnership model with SellerApp complements our Technology-First A.R.T (Alliances, Relationship & Technology) approach and this synergy will benefit our customers with better data insights and wider access to the market by moving from a platform-centric model to an open-network model.”
Mr. Brij Purohit, Co-founder, SellerApp.com, said, “Just going by the huge diversity and market size we have, any digital revolution in India has been impactful as seen in the case of UPI or Aadhar. The way we see ONDC taking shape, it is going to revolutionize how commerce is done today in India and it is our privilege to partner with YES BANK in this journey.”
ABOUT YES BANK
YES BANK is a ‘Full Service Commercial ‘Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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