Following this announcement, the product is expected to enable small businesses and companies to run automated, smart contract-powered payroll with wallet-to-wallet or fiat settlement, including local, state, federal tax withholdings, benefits, and direct deposit.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, Bankless Payroll is expected to offer financial control to companies and their workers, providing them with multiple benefits. These will include global reach without friction, with no more SWIFT fees, currency exchange delays, or cross-border settlement difficulties, more speed and finality (as the funds are expected to settle faster, with no reversals or holds), transparency (as every transaction on the blockchain will be verifiable and timestamped, making reconciliation, compliance, and payment verification faster and more reliable), as well as lower fees and improved access and flexibility.
At the same time, the bankless system will give contributors in underbanked or high-inflation regions the possibility to develop faster, while also enabling flexible payment structures like streaming salaries, real-time bonuses, or project-based micro-compensation, all facilitated by noncustodial smart contracts. The company developed the system in order to provide smart contracts that handle the process of payroll, in an instant, compliant, and secure manner. Franklin aims to offer a simpler, more cost-effective option for its customers and partners, focusing on accelerating its development process and optimising the overall client experience as well.
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