RazorpayX, the business banking platform of Razorpay, today announced the expansion of its Payroll Platform, earlier catering to Startups, is now launched for enterprises or large-sized businesses, along with a newly built advanced system for integrations and customizations. Having onboarded around 13,000 organisations from start-ups and SMEs in the last four years; RazorpayX Payroll will now cater to businesses of all sizes from 2 to 20,000 plus employees. It is set to help large organisations save over 60 per cent of costs on payroll management, while also enabling them to drive 100 per cent accuracy on compliance.
Over the last three years, some of India’s leading banks, financial institutions, and corporate offices have been quickly adapting to automation in payroll management in order to organise and pay employees on time, however, there’s still a long way to go if India’s HR Payroll Software market is to achieve $14.31 Billion growth by end of 2030. While start-ups and SMEs have leveraged automated HR payroll management softwares to avoid compliance issues, larger organisations continue to struggle with managing compliance in payroll.
A recent study released by RazorpayX, titled ‘Payroll Maturity Index 2023’ analysed payroll data of 163 enterprises across 12 key industries in August’23 and brought to light everyday compliance issues faced by large organisations. The report found a staggering 42 per cent of large organisations in India struggling with payment and filing compliance issues in their payroll management. Other issues include salary delays faced by 44 per cent and inaccuracies in payroll calculations and processing faced by 40 per cent of the large organisations surveyed. Despite the payroll software market's growth prospects, it is clear that a substantial portion of organisations are still grappling with archaic systems and manual payroll processes.
With an intent to address these challenges faced by large organisations, the RazorpayX Payroll platform is designed to make lives easy for HR Heads & CFOs. With open APIs and integrations with 45 plus HR tech partners, RazorpayX Payroll integrates seamlessly with all popular Human Resource Management Software (HRMS). Popular integrations include SAP, SuccessFactors, Oracle HCM, and more.
Commenting on the solution, Ayush Bansal, VP and general manager of RazorpayX, said, "At RazorpayX, we're taking care of all the payroll needs of businesses so that they can focus on what they do best and not get bogged down by the hassles of manual payroll processing but unlock untapped growth opportunities. After successfully enhancing payroll operations for start-ups and SMEs, extending our services to enterprises today marks a significant milestone for us.”
RazorpayX Payroll will allow businesses to control user access and restrict permissions with even greater granularity, thereby creating multi-level workflows, meeting the needs of start-ups mid-size organisations to the largest organisations. Additionally, employee satisfaction is prioritised with user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp.
RazorpayX currently serves over 45,000 businesses. The neo-banking platform has seen over 200 per cent growth in its Payouts business. The platform has disbursed payouts with an annualised money movement of over $30 Bn. In a first-of-its-kind move, RazorpayX also recently launched Forex services for start-ups to transfer the funds they have raised globally to India seamlessly.
