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India based Neobanking Fintech Razorpay Explains how RazorpayX Payroll Automates All Things Payroll

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Indian neobank Razorpay recently shared payroll compliance mistakes that businesses should try to avoid.

The RazorPay team explains that payroll compliance is one of the “most important” processes a business performs so that it can maintain operations. All businesses in India and globally have to follow statutory compliance requirements related to fair monetary disbursements to their workers, registration for Provident Fund and ESI, statutory tax deductions, calculation and payment of gratuity, bonus, pension, etc.

However, payroll compliance tends to be quite complicated, which is why RazorPay has shared the common mistakes businesses should avoid.

As mentioned in a blog post by Razorpay, businesses or companies should improve their data / documentation processes. As noted by the Indian Fintech firm, inaccurate and manual recording of data, and documenting incorrect employee information are among some of the most common mistakes.

Razorpay adds that businesses also “make the mistake of wrongly classifying their employees, leading to lapses in legal requirements (audit and taxation) of their salary structure.” For instance, recording part-time workers as temporary employees or full-time employees as independent contractors. These mistakes may “lead to audit litigations and tax penalties for the business,” the Fintech firm notes.

The company also mentions that the Payment of Wages Act, 1936, requires firms “to disburse timely remuneration to their employees.” Despite statutory compliance, “delay in making payments is the most common payroll mistake that companies make,” Razorpay reveals. This may be due to reasons like “the non-availability of timesheets, work records or reports of the employees, or hold-ups with banks,” the company explains.

Razorpay further notes that businesses can also make mistakes such as “not reporting the fringe benefits or perks they give to their employees as a part of payroll.” The Fintech firm points out that these “could be company-provided transport and accommodation, stock options, gift cards, healthcare, vacation pay, etc.”

Razorpay adds that businesses have “to register and file reports with the concerned authorities on the ESI and EPF contributions to the employee salaries.” The company clarifies that in the absence of an automated payroll processing tool, they “often miss the submission deadlines resulting in either a delay or failure in filing these reports, and consequently pay hefty penalties.”

Razorpay confirms that businesses “need to adhere to two crucial statutory payroll compliance [requirements.]” Their credibility “goes downhill if they do not accurately calculate and pay PT, deduct TDS from their employees’ salaries, and not file the tax returns & TDS report with the tax authorities timely.” They “face the legal and financial implications of missing the tax filing deadlines in the form of hefty late payment penalties,” the Fintech firm noted.

Razorpay adds:

“Security lapses occur due to manual processing and management of payroll data. It exposes businesses to probable payroll frauds, such as the theft of confidential information of their employees (details of their salaries, taxes, bank account, PAN, Aadhar Card, rent agreements, etc.), misappropriation of payroll funds, and unauthorised issuance of salary and TDS certificates. Even if the payroll data is stored on spreadsheets, hacking the system passwords makes it vulnerable to misuse.”

According to Razorpay, an automated payroll solution is “the way to go to avoid all these payroll and compliance mistakes.” The neobank also noted that an automated solution is able to store all payroll data and records at a centralized location and in a more organized way, “right from the employee onboarding.”

As explained by the Fintech company, this approach “automates the process of recording up-to-date employee data, performing complex and time-consuming salary and tax calculations, reminding the tax, EPF, and ESI filing deadlines, and generating error-free reports of employees’ salary structure and payroll disbursements.”

The company also mentions that RazorpayX Payroll has been developed to “automate all things payroll right from employee onboarding to salary disbursals and tax payments” and the “specifically designed features meet the payroll requirements of SMEs and startups.”

The software takes care of payroll payments and filings of compliance guidelines such as TDS, PF, ESI, and PT. It also “empowers your employees to access their own account, where they can easily declare investments, view/download payslips, apply leaves,” the company adds. (Note: to learn more about these products, check here.)

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/177711-india-based-neobanking-fintech-razorpay-explains-how-razorpayx-payroll-automates-all-things-payroll/

Crowdfunding

Upgrade Adds Bitcoin Rewards Card

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Upgrade, an online lender, has announced the launch of the Upgrade Bitcoin Rewards Card a new version of Upgrade Card featuring Bitcoin rewards. Under Upgrade’s new program, users may earn unlimited 1.5% Bitcoin rewards on every purchase as they make payments.  The custody and trading platform for holding and selling Bitcoin is provided by NYDIG.

Upgrade has facilitated more than $7 billion in credit to consumers through cards and loans since its inception in 2017. It also offers rewards checking accounts with debit cards that pay 2% rewards on transactions and monthly subscriptions.

Founder and CEO Renaud Laplanche says Upgrade Card is already providing $3 billion in credit to consumers.

“Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning Bitcoin,” says Laplanche.

As with every Upgrade Card, the Fintech promotes “responsible credit” by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance.

The Upgrade Bitcoin Rewards card is leveraging the growing popularity of crypto by providing a simple path to holding Bitcoin.  Cardholders must hold their Bitcoin rewards for at least 90 days and then may sell at any time subject to a 1.5% transaction fee.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178147-upgrade-adds-bitcoin-rewards-card/

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Crowdfunding

Fidelity Digital Assets Survey Reveals Growing Number of Institutions Plan to Gain Exposure to Crypto-Assets

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Seven in 10 institutional investors are now expecting to purchase or invest in digital assets in the future, and over 90% of those interested in these financial instruments expect to have an allocation in their institution’s or clients’ portfolios “within the next five years.” This, according to new research from Fidelity Digital Assets’ 2021 Institutional Investor Digital Assets Study.

This forecast confirms a steady acceleration in adoption of digital assets over the next several years as over half (52%) of institutions surveyed across Asia, Europe and the U.S. “currently invest in digital assets.”

Although adoption rates remain fairly high across Asia (71%) when compared to Europe and the U.S., participation “increased in both markets as 56% of European institutions and 33% of U.S. institutions now hold investments in the asset class, up from 45% and 27%, respectively, the prior year.”

Tom Jessop, President at Fidelity Digital Assets, stated:

“The increased interest and adoption we’re seeing is a reflection of the growing sophistication and institutionalization of the digital assets ecosystem/ The pandemic – and fiscal and monetary measures in response to it – has been a catalyst for many institutional investors to define their investment thesis and operationalize it.”

According to the study, nearly 9 in 10 investors find characteristics of digital assets “appealing, with increases in both U.S. and Europe.” Digital assets’ high potential upside and relatively low correlation to other assets have “grown in appeal to institutional investors in recent years, with the potential upside gaining 16 points among U.S. investors since 2019 and 13 points among European investors since 2020.”

Price volatility is still the primary obstacle or barrier to adoption, “followed by lack of fundamentals to gauge value and concerns around market manipulation; however, investors cited less concern about complexity for institutions and market infrastructure than previously.”

Jessop added:

“The expectation that the vast majority of institutions will have some exposure to digital assets by 2026 shows that investors have a deeper understanding of the asset class and have progressed in the three-phase journey from education to adoption.”

Today, almost 8 in 10 institutional investors think that crypto-assets should be part of a portfolio. This belief is “strongest in Asia, where adoption rates are highest; however, European and U.S. institutions are increasingly in agreement”:

  • More than three-quarters (77%) of European investors share this belief, up from two-thirds the prior year
  • 69% of U.S. investors share this belief, compared to 64% the prior year.

Fidelity Digital Assets says they will be exploring the investment outlook and institutions’ investment preferences in another report this fall, “featuring deeper insights from the 2021 Institutional Investor Digital Assets Study.”

As stated in the update:

“As adoption increases, institutional investors are expecting more services from digital asset custodians. Investors want a custodian that offers electronic trading (63%) and market data and analytics (56%), with a greater emphasis on these services among U.S. institutions. Still, security and safety remain the most important features of a custodial relationship, having grown in importance in both Europe and the U.S.”

You may learn more about the institutional market for digital assets and Fidelity Digital Assets’ custody and trade execution platform here.

As noted in the announcement, the blind survey was “executed in association with Coalition Greenwich on behalf of Fidelity Digital Assets and the Fidelity Center for Applied Technology between December 2, 2020 and April 2, 2021.”

The survey included 1,100 institutional investors in the U.S. (408), Europe (393) and Asia (299), “including high net worth investors, family offices, digital and traditional hedge funds, institutional investors, financial advisors and endowment and foundations.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178139-fidelity-digital-assets-survey-reveals-growing-number-of-institutions-plan-to-gain-exposure-to-crypto-assets/

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Artificial Intelligence

Wealthech: Fabrick and Prometeia Partner on Wealth Management Solution Incorporating Open Banking, AI

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Fabrick, an Open Banking Fintech and Prometia, a company offering wealth management solutions, have joined to launch the Global Investment Portfolio, a digital wealth management solution that utilizes artificial intelligence (AI) as well as Open Banking tech.

According to a release, the two companies have pooled assets and skills in open banking and AI to develop the Global Investment Portfolio that puts together an investor’s overall financial portfolio through the aggregate analysis of the bank accounts held by them across various institutions. The Wealthtech leverages AI to spot information generated by asset management activities run by other banks without the need for direct access to all of an investor’s separate investment accounts.

Global Investment Portfolio uses Fabrick’s PSD2 Gateway that allows access to comprehensive bank data through the account aggregation service which provides analysis of all current accounts. The service provides a multi-bank experience that allows customers to view all information from a single touch point. The service is designed to allow investors to monitor all their investments from a single platform while providing real-time comparisons of investments and the ability to easily see which are performing and which are not.

Matteo Necci, a Partner at Prometeia, explained:

“Global Investment Portfolio is a cutting-edge solution with respect to the main trends in Digital Finance and is proposed as a distinctive element in the automation and digitisation of customer advisory processes. The combination of our know-how in artificial intelligence solutions for wealth management with Fabrick’s open banking expertise and ecosystem allows intermediaries to have in-depth knowledge of the investor’s financial portfolio, fully developing the potential of PSD2”.

Paolo Zaccardi, CEO of Fabrick, said that wealth management is a sector that is proving to be very active in exploiting the benefits of Open Finance to develop new digital services that meet the needs of the public and end consumers:

“Fabrick is an active part of this process and the partnership with Prometeia demonstrates how access to current account data represents only the tip of the iceberg of the numerous opportunities presented by our ecosystem and the collaborative approach we promote. You just have to look at the Global Investment Portfolio solution to understand the great value that the combination of account aggregation and data categorisation brings to all the players involved, tangibly enabling a new and more complete and personalised offer model.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178142-wealthech-fabrick-and-prometeia-partner-on-wealth-management-solution-incorporating-open-banking-ai/

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Crowdfunding

UK’s Embedded Finance Fintech Railsbank Now a Visa Ready Banking Identification Number Sponsor

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Railsbank, an established global embedded finance solution provider, and Visa (NYSE: V) are joining forces to promote local Fintech services, with Railsbank becoming a Visa Ready Banking Identification Number (BIN) sponsor.

Through the BIN sponsor program, all of Railsbank‘s customers will be able to access the same international payment tech, expertise and revenue-generating opportunities as they could had they been working as a direct card issuer with Visa.

This program enables Railsbank to further expand its existing market portfolios while serving as a  key partner for Fintech companies as they introduce their card program across the country. Teaming up with Railsbank also offers Fintech firms the services and industry know-how they require to get up and running with great efficiency.

Railsbank is also a Visa Fintech Fast Track partner, allowing Fintechs to easily gain access to Visa’s global network. The initiative is part of the payment giant’s international strategy to open up its network and support key players that are creating innovative commerce solutions.

Nigel Verdon, CEO and Co-founder, Railsbank, remarked:

“Our partnership with Visa gives us the opportunity to provide companies with a broad range of Visa payment solutions, such as Cards-as-a-Service, that meet the identified needs of their users. Railsbank simplifies the process of embedding financial services into a customer journey and can therefore help any company – no matter what industry or sector they’re in – to become a fintech by adapting to the needs of their market and customers quickly and easily.”

Kunal Chatterjee, Visa Country Manager for Singapore and Brunei stated:

“At Visa, we are focused on engaging and building strategic partnerships with the Fintech community. We’re extremely pleased to have Railsbank join us as an exclusive issuer in Singapore, and Banking Identification Number (BIN) sponsor. Our collaboration with Railsbank and the BIN sponsorship arrangement is beneficial for Fintechs as it accelerates the onboarding journey with Visa. We are looking forward to seeing more Fintechs benefit from this partnership with Railsbank as we continue to drive innovation and support the launch of products and solutions that transform the payment experiences of consumers in Singapore.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178127-uks-embedded-finance-fintech-railsbank-now-a-visa-ready-banking-identification-number-sponsor/

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