Game-changer in payroll: Alldigi Tech and OneBanc's AI-powered payroll banking solution unveiled

Alldigi Tech Ltd., a leading global business solutions provider, and OneBanc, a leading premium neo-bank for white-collar salaried professionals, have partnered to deliver an AI-led payroll banking solution to corporates. While the partnership was formalized earlier, the two organizations have completed the integrations and have started onboarding clients on the AI-powered payroll banking platform.

The partnership will address the payroll-banking market, estimated to be $30 billion across 120Mn salaried professionals in India, with plans for geographic expansion in the near future. Payroll banking straddles HR tech, open banking and merchants. The solution promises automation, compliance, reduced operational expenses for corporates, and personalized employee experiences through AI technology. Research suggests globally, corporates suffer an estimated $5 billion in losses annually due to manual errors, inefficiencies, and operational delays. Additionally, non-compliance with regulatory standards costs companies $7 billion annually in fines, legal fees, and reputational damage. In addition to helping corporates, crucially, the solution helps Banks address the threat of mule accounts - a critical area under RBI's scanner since frauds linked to Mule Accounts (found in high percentage in corporate salary accounts) for about 55% of all frauds in India.

"Payroll is about trust and precision in compliance. At Alldigi Tech, we've set the standard for reliable solutions, making us a trusted partner for enterprises. Partnering with OneBanc lets us combine our payroll expertise with their cutting-edge AI platform to address corporate needs innovatively. As demand grows for AI-driven solutions that enhance employee experiences while cutting costs, this collaboration reflects our shared commitment to digital transformation." said Mr. Naozer Dalal, CEO, Alldigi Tech.

Mr. Vibhore Goyal, Founder & CEO, OneBanc, said, "At OneBanc, our mission is to leverage AI and ML to deliver personalized experiences for salaried customers and enterprises. Our partnership with Alldigi Tech, a leader in payroll and business solutions, is a natural fit. With their 400 enterprise clients and commitment to digital transformation, we've integrated systems to offer a world-class, compliant, and automated payroll solution. This collaboration positions us to onboard over 1,000 corporates in the coming years while creating new business opportunities for our partners."

Through the partnership between Alldigi and OneBanc, a unified ecosystem is being developed where OneBanc connects payroll/HRMS, Banking and Merchants to deliver an AI-powered personalized experience to corporate employees, while Alldigi Tech simplifies payroll management with its seamless platform. This collaboration automates payroll, tax benefits, declarations, bill submissions, reimbursements, and expense claims while ensuring compliance and operational efficiency. Integrating these services leads to improved employee retention, stronger employer branding, and a hassle-free experience for employers and employees.

Shares of Alldigi Tech Limited was last trading in BSE at Rs. 955.65 as compared to the previous close of Rs. 949.70. The total number of shares traded during the day was 281 in over 75 trades.

The stock hit an intraday high of Rs. 959.95 and intraday low of 939.70. The net turnover during the day was Rs. 266460.00.

Source : Equity Bulls

Keywords

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