ETCH, a blockchain-based payroll system, today announced that it has secured support from global accounting firm KPMG to help the UK firm build its operations in a compliant way.
The Amsterdam-based accounting giant, which generates more than $20 billion in annual revenues, will help ETCH formalize its work with distributed ledgers and provides full life-cycle support. KPMG’s consulting support will combine several management and risk tasks whilst advising the company on the best business practice for the current ICO phase, “encompassing valuations, tax implications, risk framework, governance and controls.”
As the company grapples with fee pressure and increased regulatory scrutiny, the London blockchain startup is bringing to market a payroll platform and eco-system which allows employers to pay workers second by second in real-time. It also unifies payroll and remittance services and reduces business inefficiencies, saving them time and cost in payroll.
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To achieve that, the company uses an accompanying MasterCard to ensure its acceptance at millions of locations worldwide.
The Etch solution will run on the blockchain as series of smart contracts, where both employers and employees can feed the platform with required data. Additionally, the system provides a mobile application to allow employers track their workers’ activities.
Chris Mills, Head of Blockchain for KPMG UK, said: “Etch is a superb initiative because it provides guaranteed payments in real-time for all work completed, something that no other platform is currently known to achieve. There are clear and immediate benefits, particularly for low and average income workers, who make up the clear majority of the population. Etch stands out as it leverages blockchain, mobile and digital technologies in a customer-friendly way. It uses smart technology to power intuitive apps that deliver exactly what’s needed in a simple and neat format for those most in need of cash flow.”
Euros Evans, London-based technology entrepreneur and CEO of Etch, added: “Billions of the world’s population live paycheque to paycheque, a situation that can lead to mounting debt, stress and poor health. The Etch solution enables employers to pay their employees in real time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch and other purchases.”