New platform helps simplify worker compliance
Australian-owned RegTech business, Integrated Payment Technologies Limited (ASX: IP1) (InPayTech) has introduced a new platform to simplify worker compliance from hire to retire, reducing risk and cost for employers whilst improving the financial wellbeing of Australian workers.
Reg-Tech announced on November 26, its rebranding to wrkr Ltd and said its technology is designed to simplify complexity and support a range of compliance moments across the ‘hire to retire’ lifecycle for Australian workers, their employers and service providers.
Ahead of major market requirements and regulations expected to impact Australian organisations over the next 12 months, wrkr is led by ex-PwC Australia trio Trent Lund, Joe Brasacchio and Jean-Paul-Seow and industry veterans Greg Tonner and Karen Gilmour.
With one of the widest reaches in the RegTech space in Australia, wrkr currently solves compliance for more than 2.8 million working Australians, 70,000 employers (via 28 payrolls across all industry sectors), 20,000 SMSFs, four of Australia’s largest Superannuation Funds, and leading advisors and accounting firms.
The rebranding announcement has coincided with the changes in Australia’s workplace rules in which penalties have heightened, and there is increasing compliance, cost and risk for all employers.
“As Australia emerges out of lockdown, employers are being met with a myriad of national compliance reforms. wrkr solves compliance and payments issues for businesses and their workers,” Chief Executive Officer, Trent Lund, said.
“Recent Government reforms, such as new stapling requirements of the Your Future, Your Super rules and other increasing workforce compliance demands have been further accelerated as we come out of the Covid crisis.”
Chief Technology Officer, Joe Brasacchio said wrkr will enable employers to drive a unique worker experience and offers many safeguards in workforce compliance areas, including sham contracting avoidance, for example.
“Our customers can offer a compliant and rich onboarding experience to their employees and gig workers. These customers are benefiting from a 70 per cent reduction in cost and savings of more than 7 hours per new worker that is onboarded using the wrkr Ready solution,” he said.
“wrkr Pay integrates into customers’ existing payroll process for a one stop shop for payment of wages, Single Touch Payroll reporting to the ATO, Superannuation Guarantee payments and other entitlement processing.”
Commercial Director, Jean-Paul Seow said the wrkr platform will make it easier for a worker (member) to choose a fund at the time of onboarding.
“The member’s personal information, TFN, and rollover details can now be automatically sent to the participating fund at the click of a button. Placing the power to drive financial wellbeing in the hands of every worker via an engaging digitised experience,” he said.