Launches Fully Digitized Product Suite for Corporates to ease Employee Benefits Payments
Mumbai, September 19, 2016: YES BANK, India’s 5th largest private sector 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.
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.”
Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO’s mission to increase cash flow for all salaried individuals by leveraging technology in areas of payroll & benefits. NiYO features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.
Vinay has spent more than 18 years working with diverse organisations like Parle, 3M, ICICI Bank, SCB, ING and Kotak Mahindra Bank. He combines deep understanding of distribution and retail banking having spent over a decade in leadership roles across unsecured lending, retail liabilities, corporate salary and retail banking strategy.
Virender is a seasoned technology professional with 16 years of experience in creating world-class software products. He has diverse experience in senior technology executive roles in companies like MobiKwik, Makemytrip (MMYT), StudyPlaces.com, Exponential Inc, GE Medical Systems and Tata Consultancy Services. Virender is a hands-on technologist and has a reputation for building scalable solutions for e-commerce and payments domain.
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/