TechProcess taps retail, pharma sectors for e-transaction services

The eight-year-old company, which offers electronic clearance services (ECS) to a spectrum of industries including banking, telecom, insurance, mutual fund and capital markets, is in advanced stages of discussion with six pharma companies and four major retail chains across the country. It expects to seal deals with them in the next two to three months.

Speaking to Business Standard, Bikramjit Sen, chief executive office of TechProcess, said most pharma companies collect money from their stockists through cheques once or twice a month, a tedious job that takes time and additional manpower.

Major retail chains, he said, have thousands of stock keeping units (SKUs) and vendor counts to whose accounts these companies need to transfer money.

In the pharma sector alone, 1.3 million invoices are generated every year, envisaging scope for e-transactions in all sectors apart from ECS in the financial vertical, he added.

"We have proposed to the pharma and retail companies to authorise an ECS transaction solution