Connected Banking, the future of Payroll

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By greytHR
2 minute read ● June 07, 2018
the future of Payroll

Salary processing and payouts are not what they used to be a decade ago. What used to be an elaborate process of entering employee data into excel sheets, calculating salaries, generating pay-orders and then manually going and submitting them to the bank are now managed with click of a button; Anytime, anywhere.

Now imagine if you could manage all your HR and Payroll operations through a single application. Which means that you are managing all employee data, automatically processing employee leave and attendance data into payroll and processing payroll – all through a cloud-based software. Maybe you are already doing that, right?

But now, take a step further, and imagine that you could make salary payments directly from your HR and Payroll application. Yes, you read that right – making salary payments directly from your HR application. This is exactly what connected banking will bring to you – a seamlessly connected HR and banking system that empowers you with single window operation.

With organizations moving away from brick and mortar banking to e-banking and mobile banking - what comes as breath of fresh air is an integration of HR and Payroll software with connected banking application to give our users an experience like never before.

Here are some of the features that connected banking will bring to you:

1. Direct Online Transfers:

Many organizations have a HR and Payroll software to manage their employee data and manage payroll process. In the current day scenario, what happens is that a payment instruction file gets generated when you process payroll. This HR / payroll manager needs to download this payment instruction file manually, then log-in to the corporate banking website and upload this file to complete the payroll processing and salary credit process. The HR software and banking application work in silos.

With a connected banking facility, the payroll process gets expedited with complete elimination of manually downloading or uploading the payment instruction files. The HR and banking applications seamlessly connect with each other to bring a consolidated experience of performing HR operations as well as salary processing from a single window – without having to switch screens.

2. Increased security and confidentiality:

With manual operations come the fear of data leakage. Between downloading the payment instruction file manually and then submitting it to the bank, the chances of the employee’s personal data (like salary information) being leaked, or in some chances inadvertently altered, becomes high.
The connected banking feature overcomes this challenge by securely authenticating the customer and gaining permission to send a salary transfer request on their behalf. With this, you can now experience the futuristic HR and banking services, brought to you on a single platform – 100% secure and ensuring data confidentiality without any manual intervention.

3. Auto generated reconciliation reports:

With the existing payout process, every time the payroll is run and the salary payments gets processed, the HR/payroll manager has to track the bank transaction feeds and formulate reconciliation reports manually.

With the connected banking feature, you can now access reconciliation reports for every processed transaction and also download reports on click of a button.

Explore this space to find out how technology can transform your banking experience while accelerating your payroll process.

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