The goal is to integrate payroll management by Human Resources and provide banking solutions to employees.
Until now, Fortes‘ solutions have handled processing and closing employee payments, transmitted the information to the government through eSocial, and offered business management tools.
However, efficiency in payment execution needed to be included in this puzzle, giving rise to FortesPay.
“We have always seen payroll as complicated, manual, and slow. A more secure environment was needed to improve the productivity of accountants and companies,” explained Denis Carvalho, CEO of FortesPay, in an interview with Finsiders.
In practice, the new platform allows accounting professionals to close payments and generate a file with information for transfer to clients, meaning companies.
Simultaneously, the HR department verifies employee salaries and accesses the financial institution’s online banking (SomaPay) to make payments using an API-based system.
In addition to facilitating the free opening of digital accounts with SomaPay, the integration offers a variety of additional services, such as payroll loans, insurance, transfers, and access to a marketplace with popular apps like Uber, iFood, Spotify, and Netflix, as well as discounts at pharmacies.
A vital advantage of this partnership is the security of encrypted data on the platform, preventing the transmission of confidential information, such as salaries, through channels with low-security levels.
This process is based on an authentication token and a private access key for users.
“With file manipulation, sharing, and manual entry into the system, risks related to information security exist. With the API, I stop handling the file and do everything in an automated way,” emphasized the executive.
Currently, SomaPay has recorded the opening of over 150,000 accounts with more than 1,500 companies and has managed more than BRL$1.5 billion in the last 12 months. The company sees considerable potential for further expansion in the market.
“We are just starting and have closed contracts at an exciting acceleration level. We expect to double our portfolio in two years,” stated Denis.
FortesPay aims to explore paths beyond financial and accounting services for HR, such as flexible benefits.
In early 2024, the fintech aims to allow employees with accounts in the digital bank to use their benefit balances for specific expenses, such as fuel, pharmacy, or food, thus competing with other startups in the payroll market, such as Caju, Flash, and Swile, among others.
It is worth noting that FortesPay is not the only competitor in the payroll market, as in 2020, Employer, based in Curitiba, launched RHPIX, software that facilitates the payment of salaries, compensations, bonuses, vacations, and other benefits from any employee’s bank account.