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Electronic Clearance Services to pay vendor bills
Posted On: 17-06-2008 13:40:53 PM

TechProcess Solutions (formerly Billjunction), is in talks for electronic clearance services (ECS) with four major retail chains across the country. TechProcess already provides these services to several industries including banking, telecom, insurance, mutual fund and capital markets. Major retail chains have hundreds of vendors to whose accounts these companies need to transfer money. Currently this is done after processing thousands of invoices. An ECS transaction solution allows for an automatic debit mandate from the stockists' account and a debit from the company's account respectively. TechProcesss expects about 20 million transactions in retail with total revenues of Rs 75 crore in the next 12-18 months. The company already processes about 8.5 million debit and 2 million credit transactions every month. In value terms, this translates to Rs 60,000 crore a year. The privately-held company, which was initially incubated by ICICI Ventures and subsequently raised capital from a few private equity firms, clocked revenues of Rs 90 crore in the last financial year.

 
 
 

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