Statutory Body Consolidator - Ascertain Technologies

Handling Payroll & Statutory Compliance is made easy with robust Statutory Body Consolidator by Ascertain Technologies

Running a business in Malaysia comes with set of compliance laid by the government statutory bodies that must be adhered by both organizations and employees. Maintaining proper records of statutory compliance, promotes fair treatment of employees and safeguards organizations from unreasonable demands regarding wages or benefits from trade unions. While organizations rely on banks to handle their payroll statutory compliance, the diverse nature of payment settlements for different statutory bodies brings forth numerous challenges for banks.

Banks face an escalating need to manage substantial amounts of data files while keeping up with dynamic regulatory changes, leading to a rising demand for reliable payroll & statutory management systems that has the capacity to handle large number of files, maintain compliance, and deliver results at shorter turnaround time. This system must offer efficiency and accuracy to meet the evolving requirements of the banking industry.

Challenges faced by banks while processing payroll & statutory body files from multiple bank channels

Banks encounter several challenges while processing and settling statutory payments:

  • The manual handling of a large volume of data files for settlements can lead to labor-intensive tasks and an increased risk of errors.
  • Managing and organizing payroll files from business customers, which are submitted through various channels, can result in a disorganized process.
  • The uniqueness of file formats and compliance regulations for each statutory body adds complexity and increases the demands of the task.
  • Banks must continuously adapt to new integration methods as statutory bodies upgrade their systems.

Introducing,

Statutory Body Consolidator

An intelligent Payroll Statutory Compliance Solution

Handling Payroll & Statutory Compliance is made easy with robust Statutory Body Consolidator by Ascertain Technologies

Developed by Ascertain Technologies, this innovative tool addresses the complexities of collecting, tracking & processing payroll files from multiple banks channels, difficulties in maintaining compliance with the changing statutory body regulations and other challenges. 

Powered by our inbuilt data orchestrator, Omni channel notification engine and robust interface manager, the system process multiple formats with high volume records within the given cutoff time and enhances user visibility and experience.

HOW?

Through automation!

The journey of developing SBC 
SBC (Statutory body Consolidator) is a system designed to streamline payment collection by automating banking operation processes. Being in the industry for over 15+ years, Ascertain Technologies understands the pain points of banks. Guided with our years of experience and expertise in the field, we developed a robust payroll statutory management system for banks, that not only addresses the pain points in banking, but also offers a seamless and simplified payroll statutory filing for organizations.  

How does it work?

Upon payroll file upload by organizations in their respective banking portal, SBC system validates the data and efficiently generates separate files in specific formats as required by various statutory bodies, such as LHDN, KWSP, EIS, SOCSO, etc., collects and settles payments accordingly. Once the statutory audit is successfully completed, the system promptly sends updated information back to the source channels.  

To enhance usability, statutory body consolidator (SBC) offers a user-friendly web interface accessible to internal bank users. This interface allows them to manage setup information and conveniently view data reports through any web browser. Additionally, the system seamlessly integrates with the Bank’s core payment engine, ensuring effortless access for customers.  

SBC: Key Features

  1. Integrated Interface Manager 
  2. All-in-one Insightful Dashboard 
  3. Data Security: Encrypt & Decrypt  
  4. Web UI Interface 
  5. Omnichannel Notification Engine: Send/Receive Alerts, Schedule 
  6. Data Reconciliation 
  7. Multi-Channel Stat body processing Support 
  8. File Manager: Splitting, Merging, Grouping, Mapping 
  9. Speed Optimized: 100+ records/second 
  10. 60+ Inbound & Outbound file processing & reporting 

Highlights!

  • Successfully running for major local banks in Southeast Asia 
  • Processed over 50 million+ records using statutory body consolidator

Struggling to manage statutory payment processing?

Contact us for free consultation if you are facing an issue with your statutory body processing.