The venture was initiated to launch ‘IDFC Bank Benefits’-a payment solution for the corporates that digitally record their employee spends and claims, making the documentation convenient and paperless.
The digital solution comprises an IDFC Bank Benefits Card and Zeta app which puts together allowances and reimbursements ensured by an employer into one preloaded card.
As per the offering, the employees will be provided with an option to access the Benefits Card via the Zeta app on their mobile or via the web. This enables the employee to keep a track on spends, entitlement limits and submit claims, digitally, while on-the-move.
“The IDFC Bank Benefits solution developed jointly with Zeta allows for bank-like payment features outside the traditional banking relationship. It offers a strong value proposition to both employers as well as employees. The Benefits Card and Zeta app enhance user experience as it places convenience and flexibility in the hands of the employee while enabling employers to digitally review and manage reimbursements,” said Avtar Monga, Executive Director, IDFC Bank.
Reportedly, the solution is unveiled as an integrated Benefits Card for medical, meal, LTA and fuel reimbursements, it may be further extended to other categories of allowances as well.
The app company Zeta offers employees a real time record of spends, reimbursement limits and claims. It further enables them in selecting the dependents for whom the purchase is commenced, and tagging it to the corresponding expense; and finally, submitting the claim for review without any paperwork. Integrated in-app shops allow for easy online purchases. Further, the Zeta Super Tag can be attached to any device to turn it into a payment device.
“This partnership is forged at a time just when Zeta is foraying into cutting-edge banking tech solutions, and we look forward to reaching lakhs of salaried professionals across industries with the digital programme,” said Ramki Gaddipati , Co-founder of Zeta.