India’s fifth largest private sector bank – Yes Bank, has partnered with fintech startup NiYO to launch “Yes Bank NiYO Benefits Card” which will help organisations in handling employee benefits and enable employees to claim their benefits easily.
The bank will be offering this benefit card to its existing smart salary customers comprising 2000 companies and to the prospective customers. NiYO and Yes Bank plan to onboard over 20,000 companies and 5 million customers onto this platform over the next 5 years.
According to an estimate, there are close to 30 million salaried employees in India who are eligible for various employee benefits. Bangalore based NiYO is looking to tap the opportunity from this segment. “Employee payroll in India and around the world has traditionally seen very little innovation, we aim to change this scenario and revolutionise the payroll and benefits market with a solution that increases take home salaries while making processes more compliant, transparent and employee friendly,” said Vinay Bagri, CEO and co-founder, NiYO.
According to officials, the solution will leverage the latest in mobile technologies and build on the IndiaStack initiatives including eKYC by UIDAI and Unified Payments Interface (UPI) launched by NPCI. It will help to digitise the entire employee benefits process right from instant on-boarding via e-KYC, offering digital credits on all categories of benefits, capability to attach bill proof through mobile and also allow digital storage of bill and receipts on the cloud.
The accompanying mobile app allows employees to review all card transactions as well as check balances in real time. On the back-end the NiYO app integrates with existing HR management systems of companies helping them track all benefits and claim reimbursements in a paperless manner.
NiYO was launched in July 2016 as a pilot in Bangalore and has already clocked over 2000 customers in less than two months. It features an integrated solution comprising of a multi-pocket card, a mobile app and a digital account with multiple wallets.