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When blockchain technology meets the fund payment platform with flexible employment

Time : 28/06/2021 Author : p05t4m Click : + -
        For individuals, this form can be called temporary workers or flexible working mechanism. For employers, this form has a more social name called "flexible employment". The rise of flexible employment stems from the development of shared travel platforms such as taxi. In fact, employment forms represented by labor dispatch and platform employment are also one of "flexible employment". Especially under the influence of the epidemic, the form of flexible employment is increasingly selected by employers. For enterprises, the biggest advantage of flexible employment is that there is no need to sign a labor contract with high binding force between enterprises and employees. Compared with formal workers, flexible employment enterprises do not need to pay five insurances and one fund for formal workers, and the expenditure items are not paid in human salaries, but bills to meet a certain business demand.
 
        The most direct impact of this operation is the reduction of tax rate and tax amount. (for the relevant analysis of the rise of flexible employment and payment capital settlement, please refer to the previous mobile payment network article: when payment meets flexible employment). In such an employment mode, of course, the payment is closely related to the settlement of workers' salaries, and the roles involved are mainly employment enterprises, tax financing tripartite platforms, flexible employees, etc. With regard to the innovative application of financial technology, this issue focuses on the "flexible payroll security payment service based on blockchain technology" brought by China Minsheng Bank Co., Ltd. Chengdu Branch (hereinafter referred to as "Minsheng Bank Chengdu Branch").
 
        The "flexible payroll security agency service based on blockchain technology" launched by Chengdu Branch of Minsheng Bank is the first batch of projects in the pilot of Chengdu financial technology innovation and supervision. Of course, the biggest innovation of this financial service is the application of blockchain technology to the flexible employment of capital agency business, which improves the security of agency funds and the bank's anti money laundering ability. 1. In terms of data security, it encrypts the transaction data of all parties on the chain, authorizes the inquiry authority of the employing enterprise on the chain, realizes the line and information exchange of the transaction data of fund payment on behalf of others, realizes the interconnection of bank and enterprise data through the transaction data chain, and improves the ability of the bank to witness the transaction service.
 
        3. In terms of industry demand, the tamperability of blockchain is used to provide comprehensive services of witnessing and paying on behalf of employing enterprises with the integration of information and capital, so as to solve the problem of information asymmetry between enterprises and third-party platforms under the flexible employment mode. 4. In terms of service mode, by building a flexible payroll payment application platform, we can solve the capital safety pain points of enterprises in the flexible employment mode, help enterprises actively respond to relevant national policies, and vigorously promote flexible employment. 5. In terms of big data application, through big data technology and with the help of intelligent algorithm model, the access standards of employees and employment platforms have been improved, and the anti money laundering ability of banks has been further improved.
 
        Therefore, the key point of this "payment agency" service is to encrypt the core transaction data such as employment enterprises, tax financing tripartite platforms, flexible employees, personal income tax payment (tax payment information) and so on through blockchain technology, so as to ensure the security of funds. According to the statement service agreement, this service is actually the innovation and upgrading of "xinfutong" cash management service of Minsheng Bank, or "xinfutong" service, and the key to the upgrading should be the "blockchain" mentioned above. The advantage of "xinfutong" product "xinfutong" is a comprehensive cash management service product provided by Minsheng Bank for human resources service institutions or employers entrusted with salary payment during the epidemic this year.
 
        It can help customers realize fund ledger management, support employers to participate in the control of batch salary payment, and assist employers to build an enterprise employee welfare platform. "Xinfutong" service provides customers with an internal management mechanism to establish multiple "xinfutong" product sub account books on their corporate current settlement accounts through Minsheng Bank. Customers only need to open an entity settlement account in Minsheng Bank, which can open the product sub account books by themselves through online banking according to different employing units, different projects, different departments, etc., and can provide a ledger management system to support internal ledger sharing and independent accounting, Realize batch salary payment of this bank and inter-bank. 1. The whole process is handled online, and the salary payment is completed by self-service.
 
        During the epidemic period, the payment of employees' salaries could not be handled through the traditional bank counters, and online financial services became the direction of banking industry transformation. Therefore, Minsheng Bank launched the "salary and fortune" service to help customers realize full-scale operation. In addition, it can support the payment of employee cards of different deposit banks, and the docking process can realize the application, opening and issuance on the same day. 2. Support flexible labor market and realize transparent and controllable employment financial management in complex business environment. "Xinfutong" is the first direct connection project of flexible employment platform in Minsheng system, which allows the flexible employment platform connecting freelancers and employers to participate in the payroll process at the same time, and provides functions such as ledger management, inter-bank payroll and payee information verification. It also supports employers or superior units to participate in and control the batch payroll process.
 
        Finally, through the tamperability of blockchain technology, the combination of information and capital of the whole link of the service is increased, which is more helpful to solve the problem of information asymmetry between enterprises and third-party platforms under the flexible employment mode. Conclusion under the influence of the epidemic, there are more and more contactless and online financial service innovations. As the source of employees' income, payroll agency needs a convenient and safe service process. "Flexible payroll security payment service based on blockchain technology" on the one hand conforms to the trend of online services and carries forward the concept of contactless. On the other hand, through blockchain technology innovation, it ensures the capital and information security of the whole financial service process.
 
        
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