As India rapidly advances technologically as well as economically, FinTech developers are looking at ways to tap into the vast Indian market by revolutionizing the way in which Indians manage their growing financial resources. Everyone seeks to live a life where they have financial security, and thanks to FinTech, it has become a reality for many of us. 

One of the most powerful components of financial management is the ability to control your income and employment data. Employment data is transforming underwriting, compliance and consumer experience across various financial services. With so many financial resources to manage, the ability to control such payroll data empowers you to assess your current economic state and make sound financial decisions. It is this need that has inspired FinTech startups to look for ways to enable increased user control over payroll data.

What is Payroll Data?

In simple terms, payroll data means the collective data of your overall finances, starting from your income records to your employment history. It includes everything from how much you earn, how you earn it, who it is transferred to, how it is utilised and all ancillary financial transactions. Owing to the vast number of metrics that are involved in its calculation, it is often a very tedious and complicated task. Thus, it makes it very hard to get a complete picture of your financial status. 

Identifying the Problem Space

Although India is the second-fastest-growing freelance market in the world with an active workforce of over 15 million people who are engaged in the freelance gig economy, traditional banking and financial institutions often view a lack of verified employment history or an irregular income as a sign of instability. They are reluctant to extend any form of credit services to them. So, anybody who has to apply for such credit has to go through the tedious task of collecting all relevant financial records and employment history to establish themselves as a trustworthy and financially stable person. This task can be very complicated if the person is in a non-traditional industry where there are no stable employment records or multiple income sources. Moreover, the records have to be verified manually by the financial institution, and the rising cases of payslip frauds have increased the focus of stricter scrutiny of such records. This makes underwriting a cumbersome job and eventually leads to unnecessary delays in the approval of the loan. With so many records to be submitted and verified, there is a massive waste of both time and resources for the institution as well as the applicants.

Payroll API as a Solution

Owing to this serious and unnecessary drain of resources, FinTech providers have come out with efficient solutions to transform the way users manage their payroll data and to enable them to derive the financial benefits of efficient payroll data management. Tartan has enabled users to access comprehensive data from HRMS to streamline and automate users' income and employment verifications to make informed decisions. Tartan’s API solution has several advantages over traditional payroll data management methods, such as -

• Instant, automated onboarding
• Continuous, transparent access
• Comprehensive, standardised payroll data 
• Easy integrations 
• 60+ valuable data points 
• Real-time access 

These features have enabled Tartan to empower users to easily manage their payroll data with real-time integration with the HRMS. With its technologically superior solutions, Tartan helps improve the financial management of the following classes of workers -

• Salaried Worker - Although salaried workers have a stable source of income, Tartan facilitates real-time integration of the financials of the worker to give them a complete and transparent picture of their financial standing. Further, it enables easy sharing of verified payroll data in case of any financial transaction or also in case he wants to apply for a job somewhere else. ‍
• Gig Workers - Since gig workers work on the basis of gigs, they have an irregular income source. Further, they also have varying employers, which makes tracking their employment history incredibly hard. Tartan solves the problem by keeping a verified record of their employers and the income they received from each gig, making it easy for them to present a stable and systematic record of income and employment data. ‍
• Freelancers - As freelancers mostly work on the basis of assignments that vary as per market demand, it is very hard for them to keep track of all their irregular income records and employment history. Further, most freelancers fail to get verified payslips. These factors affect the creditworthiness of the freelancer negatively. Tartan solves this issue by providing automatic OCR verified payslips and a trackable income and employment history of the freelancer, which makes the entire process of financial management simple and hassle-free. ‍
• ‍Remote Work - For a remote worker, financial tasks such as collecting his invoice or submitting his payroll data can be very inconvenient and time-consuming since they are not physically present in the office. Tartan enables seamless integration and sharing of the worker’s payroll data with the HRMS to ensure that such tasks can be carried out digitally, irrespective of the location of the worker. ‍
• Content Creators - With the advent of social media and technology, content creators are emerging across various domains with unique skills to keep the public masses entertained. However, they face similar problems in managing their finances or even keep a record of their employment and income history. Tartan solves this problem by providing efficient payroll data management, payslip verification and also automatically tracks their employment and income data. This goes a long way in reducing the burden of financial management off the content creators and allows them to focus on making better content for furthering their careers.‍‍

That being so, these are some of the ways Tartan is revolutionising the way the Indian working class can exercise increased control over their income and employment data and help facilitate increased access to financial products and services.

With the first of its kind product offering in India and a feature-packed platform, TartanHQ’s demo session is worth giving a try. Our passionate commitment and rock-solid performance will make you prefer us forever.

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