Reported by: banking|Updated: August 10, 2017
IDFC Bank has partnered with Zeta, a leader in the digitized employee benefits space, to launch ‘IDFC Bank Benefits’, which is an innovative solution for corporates that digitizes employee spends and claims. The solution will consist of an IDFC Bank Benefits Card and Zeta app which integrates the full suite of allowances and reimbursements offered by an employer into one preloaded card. Employees can also access the Benefits Card via the Zeta app on mobile or web. This enables them to track spends, entitlement limits and submit claims, digitally, while on-the-move. Avtar Monga, ED, IDFC Bank, said the solution allows for bank-like payment features outside the traditional banking relationship. It offers a strong value proposition to both employers as well as employees, he added. The card eliminates year-end paperwork related to claiming of tax benefits, as employee expenses are recorded and segregated digitally. Besides being convenient for employers and employees, it minimizes processing costs. It also enables employers to analyze digital records of reimbursements and discover usage patterns.