The global pandemic last year, has accelerated the pace of digital transformation in the finance world.
Digital assets like e-wallets, alternate credit, and cross-border remittances are a few examples of this rapid transformation. This created an ecosystem to support financial inclusion for the underserved and the unserved.
However, according to a lot of purists, many of these transformational steps are makeshift and short-term arrangements for many, and there is a need for a digital revolution to make any long-term impact to the economy.
ZYRO, a new-age, Made-in-India fintech company has taken one such revolutionary step by launching an innovative expense management platform for the corporates. The all-in-one comprehensive expense solution will offer better financial control & reporting to the employers. With convenience and efficiency at the core, this expense management platform offers best features and solutions to businesses.
Keeping paper receipts stored with oneself is a painful task for any employee. Many times, by the time the printed receipt is sent to the finance team for reimbursement, the receipt is either soiled, or the ink fades away. This is a very good use case for any expense management platform to take note of.
With ZYRO expense management, the employee can make an expense, and submit the scanned copy of the invoice/receipt through the mobile version of the platform. Powered with artificial intelligence and machine learning capabilities, the platform auto-populates expenses incurred during official travel by employees. This means that the employee does not need to fill in expense and reimbursement templates.
The system also includes a multi-level approval matrix to help close, approve, partially approve or reject the reimbursement by the employee and bring about much-needed hierarchical accountability in the system. With no paperwork, digital and hassle-free, immediate upload and approvals of all reimbursements, the platform gives the business the swiftness it needs to close such accounting processes.
The platform comes with an additional state-of-the-art dashboard for complete visibility and control. The dashboard has preset analytics templates which can help businesses make decisions based on data. Also, they can create customized reports for the best results. Getting real-time spends data is something that all enterprises look out for. The value adds to this program is that users can manage and control all employee and business expenses on the go.
The pandemic has given rise to a scenario where corporate would like to spend wisely and keep track and check off all the expenses. We will help companies maintain a record of their employees’ expenses through the latest launch.
“Official travel is continuously picking up, and soon it will be what it was pre-COVID times. Our latest offering will help reduce the man-hour tax burden for both corporate and its employees,” said Vikas Kumar (Founder, ZYRO) on the launch.
“That’s all, we at ZYRO always believe in giving users more than what they deserve, so we are also launching a Gift card on our very own, NSDL Payments Bank and RuPay network. It gives us immense pleasure to be associated with the best in the country, and to provide digital-first financial solutions to our users, We are proud to partner with RuPay in the journey of providing a seamless cards experience to businesses and we will constantly work towards bringing in innovative business solutions for a diverse set of corporate customers,” he concluded.
The newly launched gift card program will help businesses give their employees and dear ones a hassle-free, digital gifting experience.
Kunal Kalawatia, Head of Products, NPCI, said, “We are delighted to collaborate with ZYRO and NSDL Payments Bank to launch the innovative RuPay prepaid card for corporates. We believe that this card will play a big role in not only providing a new dimension to corporate expense management but also offering a rewarding experience to its employees. We at NPCI will continue to work towards expanding RuPay’s portfolio to business houses so that they can manage their purchases and transactions seamlessly.”
ZYRO is Asia’s first neobanking platform for SMEs and startups. We are on a mission to deliver a truly seamless business banking experience and make managing finances a breeze. To streamline the business expenses, ZYRO equips unlimited virtual/cards for the employees with pre-spend control based on transaction types and numbers and a complete visibility of the transactions in the management dashboard.
At ZYRO, we also aim to empower HR managers to help them engage their employees in a better way. Employee Expense management ZYRO Gift, our digitised solution for rewards and recognition, offers a choice of multiple gifting and incentive solutions for employee appreciation, tailored to all the needs for employee gifting, channel partners and vendors.
RuPay – card payment scheme launched by the National Payments Corporation of India (NPCI), has been conceived to fulfil RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments Presently, RuPay cards are issued by more than 1,100 banks, which includes Public Sector Banks, Private Sector Banks, Regional Rural and Cooperative Banks.
The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. RuPay fulfils RBI’s vision of initiating a ‘less cash’ economy. This could be achieved only by encouraging every Indian bank and financial institution to become tech-savvy and engage in offering electronic payments.