Innovative Payment Solutions Inc. (IPSI), a Southern California FinTech focused on digital payments, has done a beta launch of IPSI Payroll, its cloud-based platform that will help companies streamline ACH payroll processing systems, according to a press release.
The solution will give companies a new digital wallet option and a way to give employees an all-encompassing solution for their financial needs in a single app, the release stated.
Companies will be able to access streamlined payroll operations through the elimination of the need for old-style paper checks, according to the release. The payments are deposited directly to recipients’ mobile applications.
IPSI Payroll, along with the company’s IPSIPay App, will help the company offer customers flexibility to use financial services in a cost-effective way, the release stated. The solution will also aid B2C payments and remittances across borders.
IPSI Payroll will create a recurring revenue platform for the company and offer a new base of underbanked or unbanked customers. Partners, according to the release, will benefit from the reduced cost of payroll processing and gain more convenience from cost reduction to employees.
“We have identified another opportunity for a recurring revenue stream, and it fits incredibly well in the ecosystem of our services,” Innovative Payment Solutions CEO William Corbett said in the release. “More importantly, in addition to furnishing a more efficient payroll process for our partners, it will also provide unbanked and underbanked sectors of the population with the access and opportunity to perform a variety of financial transactions within one app.”
PYMNTS reported that payroll issuers have had to contend with more varied circumstances amid the pandemic, with employees working from home and some like nurses and delivery drivers having much more irregular shifts.
“Businesses are looking to address these challenges using digital payroll solutions that are already available in the market,” the report stated. “… A new generation of cloud-based mobile tools and faster payment options may be uniquely suited to the current moment, however.”