NEW DELHI: India’s private sector Bank, YES BANK has partnered with the Fintech startup NiYO to revolutionise the Employee Benefits ecosystem in India. NiYO features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.
Under this partnership, YES BANK along with NiYO has rolled out the “YES BANK NiYO Benefits Card” that makes it easy for organizations to give employee benefits, and for employees to claim the benefits. 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.
The addressable market is close to 30 million salaried employees in India who are eligible for various employee benefits. NiYO was launched in July 2016 as a pilot in Bangalore and has already clocked over 2000 customers in less than two months . NiYO and YES BANK plan to onboard over 20,000 companies and 5 million customers onto this platform over the next 5 years .
“YES BANK will become the 1st Bank in this country to offer this unique solution to corporates as an added part of its Smart Salary Product proposition. The YBL NiYO Benefits Card will strengthen YES BANK’s Salary product proposition, which offers best-in-class savings interest of 6% p.a, superior debit and credit card offerings and a state-of-the-art Digital Banking ecosystem to over 5 lakh customers currently. YES BANK will be offering this product to its existing Smart Salary customers comprising 2000 companies across India in addition to prospective customers,: the company said in its statement.
Through this solution, NiYO and YES BANK will aim to Digitize 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 seamlessly integrates with existing HR management systems of companies helping them track all benefits and claim reimbursements in a paperless manner.
Announcing the partnership, Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, said, “We are pleased to partner with NiYO with an aim to offer a superior, innovative Employee Benefits solution to our corporate customers, which leverages the latest technology to digitize the entire employee benefits value chain and bring in efficiencies for Corporates and also make the experience easy for employees.”
On the partnership, Vinay Bagri, CEO & Cofounder, NiYO said, “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 & employee friendly. We’re delighted to partner with YES BANK to bring a new-age solution for businesses in India.”