Paymint platform boon for corporates
: Kotak Mahindra Bank has tied up with fintech firm Zeta to launch the Paymint platform, which is meant for corporates to take care of disbursal of various employee benefits:
Kotak Mahindra Bank has tied up with fintech firm Zeta to launch the Paymint platform, which is meant for corporates to take care of disbursal of various employee benefits
Kotak Mahindra Bank has implemented Paymint platform, which is a comprehensive digital solution offered to corporates to manage their multiple employee benefits. It is a multi-wallet digital prepaid solutions platform, offered in collaboration with Bengaluru-based fintech company Zeta. The platform has brought in value for banks in helping corporates to implement employee benefits in a meaningful and efficient manner.
“Paymint enables corporates to offer a host of benefits to their employees, including meal vouchers, medical reimbursements, leave travel allowances, gift cards, conveyance, fuel allowances, driver salaries and so on to maximize tax benefits for employees and optimize the process of making claims,” says V Swaminathan, senior executive vice president, Kotak Mahindra Bank.
SINGLE DIGITAL INTERFACE
He explains that it is a single digital interface, powered by Zeta, to manage multiple reimbursements and allowances offered to employees. “Benefits disbursed by the platform are received and accessed by employees via RuPay-powered Paymint Card, Zeta app on smartphones and desktops and NFC-enabled Zeta Super Tag. The app enables users to perform a host of activities such as payments, accessing personal wallets, submitting and tracking claims digitally, real-time notifications etc,” he elaborates.
Swaminathan says it is a digital solution, which affords a simpler way for companies to provide tax saving benefits to their employees. It significantly eases the cumbersome process of claims and its administration, with digitization of all benefits and saves the corporates from multiple hassles of managing excessive paperwork, storage of documents, tedious logistics with multi-office locations, multiple resource allocation for managing different benefits, different vendors for running different benefits and manual verification of all claim documents etc.
“It’s a complete digital solution and the best alternative to paper vouchers. It places convenience and flexibility in the hands of the employee, while enabling employers to digitally review and manage reimbursements. Employees receive balances in different Paymint wallets as per regulatory requirements and claim expenses in a seamless manner online, without any paperwork. They can also credit the wallet using the app or the online platform. Paymint guarantees a significant saving on time, costs and resources. The solution ensures that corporates neither have to collect and store paper bills nor manually verify them,” he adds.
Swaminathan maintains that Paymint maximizes tax benefits for employees and optimizes the process of making claims. “As a part of this comprehensive solution, Zeta offers the facility of claiming exemption from tax computation of total spends carried out by an employee by uploading soft copies or scans of hard copies of relevant bills on the Zeta app. The user can also download various monthly and yearly summary status of tax savings from the Zeta portal,” says he.
BENEFIT FOR HR MANAGERS
According to Bhavin Turakhia, CEO and co-founder of Zeta, by leveraging Zeta’s digital dashboard, HR managers can transfer grants for the respective benefits, be it medical reimbursement, meal vouchers or any other such employee benefit, to employees in just a few clicks. “For corporations, it offers the unique advantage of managing all grants digitally on one single portal, which significantly reduces the cost, effort, resources and the time taken to manage these benefits in a non-digitized format. Employees, in turn, can receive and spend their grants via the Zeta app or physical card (Zeta Super Card). Being digital, employees can submit claims on the go without the tedious paperwork. They can also keep a track of the spends and balance and be notified on the status of the claims. The entire process is so simple that it encourages employees to avail all their
benefits easily and hence increase their savings significantly.
He adds that Zeta has partnered with 3 banks - RBL Bank, IDFC Bank and Kotak Mahindra Bank - to offer the platform to corporates.
HOSTED ON CLOUD
Turakhia says Zeta has launched its Optima platform hosted on the cloud to provide a multi wallet platform to create custom prepaid and credit programs that appear in the form of virtual cards in the Zeta app. “Each of these cloud-based wallets run independent of the other and are governed by their own respective set of rules. These programs may be closed, semi-closed or open solutions. These are further backed by a banking partner, who issues semiclosed and open prepaid instruments. The program is hosted, maintained and administered by Zeta. On the other hand, a closed loop prepaid or credit program is hosted and administered by Zeta.
Turakhia says Zeta has developed the technology in order to create an advanced, digitized product suite that resolves the inefficiencies of the conventional way that salaried professionals receive and spend their tax benefits. “At the center of this technology stack is Zeta’s digital payments system that is intuitive and has some of the most stringent security standards ever built,” says he, adding: Earlier companies were processing bills manually which was a time- and labour-intensive process. We have put in place picture blur and duplicate detection by extracting various features from bill images. This helps the person at the backend to discard invalid bills in an instant and notify users accordingly. Bills can be thoroughly vetted before approvals are made. This prevents discrepancies and also discourages misconduct of any sort. We also use
AWS and for compliance reasons we have our own data centers. We use microservices architecture, which is built on topout microservices framework, providing us with linear scalability. In terms of technologies, we use Java, Node. js, Postgres, Cassandra, ElasticSearch and Redis.”
He mentions that the Optima Medical Card and the Fuel
& Travel Card digitize the whole process of claiming reimbursements. Any expense incurred by an employee for medical purchases/ doctor consultations and buying fuel can be paid through the Zeta Super Card. If an employee needs to get a reimbursement for the expenses made, then instead of storing and submitting paper bills at the end of the month, employees can upload their bills on the go through the Zeta app. The employer can disburse the reimbursement amounts as soon as the bills are verified. The corporates can outsource the entire back-end process to Zeta and all that the HR needs to do is upload a spreadsheet and distribute grants to the employees. This card can also be used to issue driver salaries, pay auto insurance premiums, car leases and maintenance costs for employees etc. With the Fuel & Travel card employees will also no longer be tied only to one brand of fuel and can tank up anywhere, says he.
In addition, there is an Optima LTA Card that can be integrated on Zeta Optima platform to process LTA claims the paperless way. The card is compliant with all legal mandates set by the IT department. Zeta team at the back-end tracks the shortest distance between two destinations using a government-approved database and thereby enable accurate assessment. Employees could also enjoy absolute freedom from paperwork, and conveniently avail up 30% tax benefits.
He adds that some 1500 corporates are using the Zeta platform, including Tata Motors, Nagarro, OYO Rooms and Telenor.
Zeta’s business model is fee-based for the services offered. A transaction fee paid by merchants is another important part of the revenue.
Swaminathan says feedback from users has been extremely positive. “Employees enjoy a hassle-free service and convenience that Paymint offers, including the ability to claim expenses in a seamless manner online as well as having access to complete details of tax computed for the allowances distributed by their companies,” says he.
V. Swaminathan explains Paymint is a single digital interface to manage multiple reimbursements and allowances to employees
Bhavin Turakia speaks about the capability to offer a multiwallet platform to create custom prepaid and credit programs through virtual cards