New Delhi, Sept. 11 -- India's next phase of economic growth could increasingly depend on connecting its fragmented B2B digital systems, with an interoperable national infrastructure potentially improving transaction efficiency, unlocking working capital and widening formal credit access for millions of MSMEs, according to a report by Bain & Company and NPCI Bharat BillPay Limited (NBBL).

A connected B2B ecosystem could help businesses move beyond the current fragmentation across enterprise resource planning systems, banks, invoices and payment platforms, creating a trusted information trail that allows capital to follow genuine economic activity, according to the report. It envisages an interoperable layer that could eventually function...