MUMBAI: IDFC Bank has partnered with Zeta to launch IDFC Bank Benefits — a solution for corporates that digitizes employee spends and claims, making the process simple, real-time and paperless.
According to the press statement issued by Zeta, the end-to-end digital solution comprises an IDFC Bank Benefits Card and Zeta App which integrates the full suite of allowances and reimbursements offered by an employer into one pre-loaded card. Employees can also access the Benefits Card via the Zeta app on mobile or web. This enables them to track spends, entitlement limits and submit claims, digitally, while on-the-move.
Avtar Monga, Executive Director, IDFC Bank, said, “Our intent is to truly transform the way payments are made. The IDFC Bank Benefits solution developed jointly with Zeta allows for bank-like payment features outside the traditional banking relationship. It offers a strong value proposition to both employers as well as employees. The Benefits Card and Zeta app enhances user experience as it places convenience and flexibility in the hands of the employee, while enabling employers to digitally review and manage reimbursements.”
Ramki Gaddipati, CTO and Co-founder, Zeta, said, “We are very happy to partner with IDFC Bank. Now together, we can take employee benefits to the next level by offering state-of-the-art digitizedmo tax benefits to the bank’s customers. This partnership is forged at a time just when Zeta is foraying into cutting-edge banking tech solutions, and we look forward to reaching lakhs of salaried professionals across industries with the digital program.”
Gaddipati indicates that the IDFC Bank Benefits Card, powered by Zeta, completely eliminates year-end paperwork related to claiming of tax benefits, as employee expenses are recorded and segregated digitally. Besides, he says, being convenient for employers and employees, it minimizes processing costs. It also enables employers to analyze digital records of reimbursements and discover usage patterns.
While the solution is being initially launched as an integrated Benefits Card for medical, meal, LTA and fuel reimbursements, it can be extended to other categories of allowances as well.