LOLC Finance PLC with iPay, jointly launched ‘OYES’, a simplified platform for salary advancing. Plausibly a technology driven solution, to own and to unlock earned salaries. The latest product was launched with the utmost objective of elevating the financial requirements of the nation’s workforce whenever they aspire. OYES will now function as a facilitator in drawing salary advances, through offering easy access with the help of a KIOSK or through iPay mobile app to ones earned salary.
The Sri Lankan middle class and upper-lower salaried workforces engaged in multiple sectors and industries are frequently in need of quick access to credit facilities during unforeseen economic circumstances. Thus, cash emergencies remain a frequent requirement for these communities.
In considerate of these types of salaried workforces facing instant cash desires for different reasons, on a daily basis, OYES was introduced to meet their emergencies through their own earned salaries, righteously. Through this platform the employees will be allowed to draw cash advances from the present month salary, while enabling them to access real time fund transfers to their salary accounts 24/7 instantly. Multiple number of withdrawals are allowed for an employee within a stipulated amount without any physical engagement with the HR teams. The salary settlement process will also be hassle free to the employees as the drawn amount will be auto deducted from the salary. As an auxiliary benefit, OYES can also be added as a funding source to iPay, where an individual will be entitled to enjoy the full functionalities of iPay.
OYES is designed to be integrated through Human Resources (HR) Divisions of the employer, and to be stretched to the Payroll system in obtaining the salary particulars of every individual employee. The platform will also access the daily attendance data of employees. Data gathered will be used in complex machine learnings and an AI algorithm will be applied to calculate one’s “earned salary”, which can be withdrawn by the employee himself.
OYES will also eliminate the burden of the employers through minimizing the cumbersome paperwork and disbursements procedures involved in salary advancing through the 100% digital and paperless solution provided. The platform will further enhance easy management and monitoring for the employers while allowing rapid report accessibility for audit trails.
LOLC Finance ceremonially launched OYES on the 27th of May 2022, and the official signing ceremony was held at LOLC Motors, Gotatuwa. The first customer chosen to launch OYES was LOLC Motors (LOMO), a fully owned subsidiary of LOLC. The company further hopes to introduce the OYES platform primarily to all of their group’s companies over the next couple of months.
The inauguration was ceremonially contracted by Conrad Dias, Chairman of LOLC Finance PLC, Krishan Thilakaratne, Director/Chief Executive Officer of LOLC Finance PLC, Gunendra Jayasena, Chairman of LOLC Motors and Kithsiri Gunawardena, Director of LOLC Motors. The ceremony was also graced by the key officials from LOLC Finance and LOLC Motors.
On the day of the launch, Conrad Dias, Chairman of LOLC Finance PLC, as the visionary behind the idea of OYES, steered a complete dialogue on the functionalities of the new platform. He stated “Our approach is very simple, OYES is not another pay-day loan, but we are enabling the employees to essentially draw their earned salary. OYES is promoting financial wellness to the employee while providing an obvious value addition to the employer, to attract and to recruit more talent. We make ‘everyday a pay day’ to the employees’ behalf of the employer”.
Krishan Thilakaratne, Director/Chief Executive Officer of LOLC Finance PLC added ‘” It’s a day that we have taken a giant step and another step headfirst towards digitizing our digital business journey as the largest NBFI in the country. The future of banking is undeniably digital, it is not only limited to digital products, but expands to digital processes, digital distributions and this is certainly us, taking one way forward on processing salaries digitally. OYES is a fantastic and a potential product with an entire gamut of values being covered”.
LOLC Finance PLC is a premier licensed finance company in Sri Lanka with its own unique identity. As one of the flagship entities of the LOLC Group, the company has remained focused on bridging the gap between aspiration and achievement based on the foundation of uncompromising quality, total customer satisfaction and unparalleled financial expertise.
Conrad Dias, Chairman of LOLC Finance PLC, Krishan Thilakaratne, Director/Chief Executive Officer of LOLC Finance PLC, Gunendra Jayasena, Chairman of LOLC Motors and Kithsiri Gunawardena, Director of LOLC Motors at the official signing ceremony