Bengaluru: YES BANK partners with NiYO, a fintech startup in order to revolutionize the employee benefits ecosystem in the nation. Through this partnership, YES BANK launched ‘YES BANK NiYO Benefits Card’ which will allow organisations to give employee benefits and for employees to claim the benefits. This solution will leverage the latest in mobile technologies and is built on the IndiaStack initiatives such as Unified payments Interface (UPI) which is launched by NPCI and eKYC by UIDAI.
“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,” asserts Vinay Bagri, Co-founder & CEO, NiYO.
Headquartered in Bengaluru, NiYO was founded in July 2016 by Vinay and Virender Bisht (CTO). It is an integrated solution which includes a mobile app, multi-pocket card and a digital account with multiple wallets. Within two months of its launch, the company managed to get more than 200 customers. NiYO with its strong partnership with the banks, HRM providers and HR community aims to ensure compliant payroll and benefits process which increases the take home salary of the employees without any cost to the employers.
Ritesh Pai, Senior President & Country Head - Digital Banking, YES BANK, says, “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”.
For the next five years, YES BANK and NiYO together plan to onboard almost 20,000 companies and 5 million customers on its platform. Along with that, both the companies aim to digitize the entire employee benefits, facilitate digital storage of bill and receipts on the cloud, and also the capability to attach bill proof through mobile.