[India] OneBanc partners with PeopleStrong for automated payroll banking

In India, OneBanc has united with PeopleStrong to transform payroll banking through automation, Mint reports.

Powered by proprietary artificial intelligence (AI)-powered backend engines, developed by OneBanc, the automated process has the potential to raise the in-hand salary of India’s 119 million white-collar professionals by up to 7 per cent and corporate bottom lines by up to 10 per cent, according to a company statement announcing the partnership.

Payroll banking is a $6 trillion industry, expected to reach $8 trillion by 2025. In India, the industry is growing by 11 per cent year-on-year and is projected to be worth $496 billion by 2025.

About 90 per cent of the Indian market is dominated by seven players, the remaining 10 per cent is divided among several others.

Vibhore Goyal - founder and CEO of OneBanc - said, “We harmonise and personalise employee banking, benefits, and expenses so that everyone in the value chain benefits. It is our ambition to become the world’s largest Payroll Banking Disruptor while increasing efficiency and eliminating waste through artificial intelligence and automation."

Payroll Banking is a combination of salary accounts, employee benefits and corporate expenses. It is complicated by the addition of taxation, exemptions, reimbursements and other requirements linked to employees’ salary accounts.

Pankaj Bansal - co-founder and chairman of PeopleStrong - said, “Our partnership with OneBanc gives us a unique edge in the market. The value we are talking about is quite substantial. Our internal data shows only 2 per cent of employee benefits are claimed and realised across the 1.5 million salaries we process."

A lack of seamless connectivity in the industry leads to inefficiency and waste meaning it is primed for a technology-led disruption

Source: Mint

(Quotes via original reporting)

In India, OneBanc has united with PeopleStrong to transform payroll banking through automation, Mint reports.

Powered by proprietary artificial intelligence (AI)-powered backend engines, developed by OneBanc, the automated process has the potential to raise the in-hand salary of India’s 119 million white-collar professionals by up to 7 per cent and corporate bottom lines by up to 10 per cent, according to a company statement announcing the partnership.

Payroll banking is a $6 trillion industry, expected to reach $8 trillion by 2025. In India, the industry is growing by 11 per cent year-on-year and is projected to be worth $496 billion by 2025.

About 90 per cent of the Indian market is dominated by seven players, the remaining 10 per cent is divided among several others.

Vibhore Goyal - founder and CEO of OneBanc - said, “We harmonise and personalise employee banking, benefits, and expenses so that everyone in the value chain benefits. It is our ambition to become the world’s largest Payroll Banking Disruptor while increasing efficiency and eliminating waste through artificial intelligence and automation."

Payroll Banking is a combination of salary accounts, employee benefits and corporate expenses. It is complicated by the addition of taxation, exemptions, reimbursements and other requirements linked to employees’ salary accounts.

Pankaj Bansal - co-founder and chairman of PeopleStrong - said, “Our partnership with OneBanc gives us a unique edge in the market. The value we are talking about is quite substantial. Our internal data shows only 2 per cent of employee benefits are claimed and realised across the 1.5 million salaries we process."

A lack of seamless connectivity in the industry leads to inefficiency and waste meaning it is primed for a technology-led disruption

Source: Mint

(Quotes via original reporting)