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:

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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.


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.


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.


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

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