Fintech organizations are continually seeking ways to enhance their offerings and provide comprehensive solutions to their business clients. Veengu, a trusted name in financial technology, has now introduced a payroll solution for fintech within its white-label Business Portal. This payroll software feature empowers fintech companies to streamline payroll processes for their business customers, ensuring seamless and secure transactions.
What is payroll solution in banking and fintech?
The term “payroll solution” in banking typically refers to services or functionalities offered by banks to facilitate the payroll process for businesses. These features are designed to help employers efficiently manage the payment of salaries and wages to their employees. Here are some common payroll features offered by banks:
- Direct Deposit: This feature allows employers to electronically transfer employees’ salaries and wages directly into their bank accounts. It’s a convenient and efficient way to distribute payments.
- Online Payroll Portals: Banks may offer online platforms or portals where businesses can manage their payroll functions. This may include features for inputting employee hours, generating payroll reports, and scheduling payments.
- Fraud Prevention Measures: Banks often have security features in place to protect against payroll fraud, which can include measures like multi-factor authentication and monitoring for suspicious activity.
- Integration with Payment Services used for electronic payments and money transfers. Banks may use them to facilitate direct deposits and payments associated with payroll.
These payroll features are designed to streamline the process of paying employees and managing related financial tasks. They can save businesses time and help ensure accuracy in payroll processing, as well as compliance with legal and regulatory requirements.
White-label Business / Corporate portal
As you may know, Veengu provides a white-label Business Portal that can help you to serve your business customers. The portal offers a variety of features required by companies. These features include:
- Self-onboarding of companies
- Managing accounts in different currencies
- Viewing transaction history
- Managing beneficiaries for local and cross-border transfers
- Sending payments
- Issuing QR codes
- Managing a team and set of locations (retail outlets)
- Controlling mobile terminals (mPOSes)
Payroll solution for fintech by Veengu
We are proud to announce that Veengu now offers a white-label payroll solution for business customers of your fintech service. With our new payroll solution, business representatives can easily create CSV files with a list of recipients. These files go through a rigorous validation process to ensure that money is sent to the right person every time.
Our payroll solution is designed to help your business customer to streamline their payroll process and eliminate errors. They can rest assured that their employees will be paid accurately and on time, every time.
Payroll process
- Create a CSV File with Recipients’ Details:
- Begin by preparing a CSV file containing the names of recipients, their respective account numbers, and the corresponding amounts.
- Upload and Validate the File:
- Next, upload the CSV file to the system. The software will then cross-verify the data against predetermined control values for accuracy.
- Review and Correct Recipient List:
- Review the list of recipients that has been validated by the Payroll software. If any adjustments are needed, you can make them before proceeding.
- Select Payment Source:
- Choose the source of funds for the payments. This can be from the company’s specified account, a designated fund, or another authorized source.
- Authorize and Confirm Payment:
- Confirm the payment with an additional layer of authentication. This ensures an extra level of security.
The payroll batch will be processed swiftly. The user can monitor its progress in real-time through the white-label corporate portal. This user-friendly process is designed to make payroll management efficient and secure for you.
How to get Veengu payroll software for fintech?
To purchase Veengu payroll functionality, please reach out to your account manager at Veengu.
