C10N

In many industries, payroll constitutes a significant portion of total operating expenses (PTOE), reaching as high as 70% in sectors like science and technology services, hospitality, insurance, and healthcare. Even in industries with lower PTOE, such as construction, manufacturing, restaurants, and retail, payroll still accounts for 10-20% of operational costs. Managing the high volume of payroll transactions and money movement is crucial for business efficiency.

Existing Issues in the Payroll Industry:

1. Incorrect Banking Information Causing Delays One of the recurring challenges in payroll processing arises when employees provide incorrect banking details. The diversity of global banking standards (such as SWIFT codes, routing numbers, and bank codes) further complicates this. Payroll teams must dedicate significant time to data cleaning and validation, and during this process, mistakes may occur. These errors inevitably cause payment delays, disrupting employee trust.

2. Inefficient Cross-Border Payments The current payment infrastructure is especially slow for cross-border transactions, affecting expatriates and employees working on overseas projects. The traditional payment chain involving remitter banks, intermediary banks, and beneficiary banks introduces multiple layers of delay. For example, offshore workers on oil rigs often list family members as beneficiaries, making it difficult for employers to ensure timely salary disbursements. In many cases, families are forced to reach out to employers, creating additional friction.

3. Trust Account Setup with Traditional Banks Payroll providers often face delays when setting up trust accounts for employers. The process with traditional banks can be time-consuming, with additional costs incurred for account maintenance. This delay hinders payroll providers from quickly moving money, causing further complications in the payroll cycle.

4. Manual Payment Proof Requests Employees frequently need to request proof of payment from employers, as they lack real-time visibility into whether their net salary has been credited. The manual process of verifying and communicating payment status leads to inefficiencies and wastes time for both employers and payroll processors. This delay in communication erodes trust between employees and employers, as employees are left uncertain about when or if they’ve been paid.

Our solution C10N (Short ofCompensatioN) leverages Web3 technology to disburse payments via Stablecoin, enhancing transparency for individuals while maintaining the privacy and confidentiality of sensitive payroll data. This approach ensures that businesses can offer secure, seamless, and private payroll experiences, without compromising on clarity or trust.

Industry Value Our Solution Brings to Traditional Payroll:

1. Faster and More Efficient Payments Our solution leverages Stablecoins and multi-chain technology to enable near-instant payroll processing, eliminating delays in cross-border payments. This makes it easier for businesses to offer flexible payroll cycles, improving employee satisfaction.

2. Incentives for Payroll Providers Just like traditional banks offer overnight interest for large payroll sums, Stablecoin issuers can provide similar perks. Payroll providers can benefit financially from parking large sums temporarily, incentivizing the adoption of Stablecoins for payroll disbursements.

3. Expanding Web3 and Multi-Chain Use Cases Using Near chain abstraction, our solution enhances cross-chain capabilities and identity management, making blockchain payroll more versatile and globally scalable. This also broadens the use case for Web3 applications within traditional payroll.

4. Transparency with Privacy Through stealth accounts, employees can track payments on the blockchain in real-time without compromising their privacy. This increases trust while maintaining confidentiality, a critical factor in payroll operations.

5. Cost Savings and Global Scalability By eliminating the need for costly trust accounts and intermediaries, our solution reduces operational costs and speeds up payroll for large, multinational businesses. The use of Stablecoins makes payroll more affordable, while the multi-chain capability ensures seamless global transactions.

To support multi chain transfer support and to ease control without switching chains, we use Near account abstraction flow to generate EVM transaction signature with MPC contract in Near This way, we can offer flexibility to the employee on the L2 chains that they would prefer to receive their USDC payments And we send the compensation package to generated stealth addresses of the employee from the stored meta address URI for the employee to retain privacy of sensitive compensation information