Announcing Papaya Global Payroll Payments – Fast(est), Compliant, and Secure
Alex MargolinOctober 17, 2022
Global payments are the essential “last mile” of payroll, the crucial process that ensures your workforce is paid accurately and on time.
But payroll providers typically outsource payroll payments. They don’t have their own payments capability, so you’re forced to entrust the most important step in payroll to yet another third-party. It’s not the ideal solution.
And now it is fixed.
Papaya Global is proud to announce the launch of Papaya Payments – our in-house global payroll payments offering. You get fast, seamless, compliant, and secure payments delivery – no matter where your employees are located.
Starting now, you can manage the entire payroll process through one platform. Pay all employees’ net salaries, tax authorities, and benefits and pension providers in over 100 countries.
Introducing Papaya’s Global Payment Network
We built the first automated platform for global payroll management and global payroll payments. But it’s not just a major upgrade in technology.
We also did the work on the ground, developing partnerships with best-in-class global banks, building our own global payment network. That gives us worldwide reach and gives you painless KYC screenings and fast onboarding – within one pay cycle.
We gained multiple payment licenses to send and receive funds around the world. You fund us directly, and we pay your teams directly – and ensure compliance in every country where you operate.
We acquired Azimo, a global cross-border payment company, to provide deep experience building payments technology.
Here’s what’s in it for you:
- Payroll payments in 72 hours – guaranteed. That’s the fastest payroll payment delivery on the market, so you have more time to prepare and more working capital throughout the month.
- Global Coverage – Our partnership network with major global banks lets us make faster, more transparent payments directly to recipient bank accounts in over 100 countries, so your payments are always accurate and on time.
- Local Compliance – We hold payment licenses across the world and maintain a rigorous regime of reporting and audits with regulators in each of our licensed markets. That ensures your payroll meets all regulations.
- Unprecedented Visibility and Control – Payroll and payments in one platform means you have visibility over the entire process – from employee onboarding to payroll payment – through a single panel instead of managing relationships with numerous service providers.
And, although we work closely with major global banks, we don’t hold bank hours. Our service comes with 24/7 support for you and your employees. We have real-time alerts for payment issues and address them immediately. We have an employ comp policy for any delay in payment.
Payments: Core Part of Payroll
It’s not surprising that other payroll providers choose to outsource global payments. Building a global payment network and obtaining payment licenses is a hassle. Most providers “decided” payroll payments are not a core part of their payroll business – and added more third parties to your payroll process.
That can have negative effects on your business, including:
- Zero control or visibility – You don’t get a unified view when payroll and payments are done by different providers. You don’t know where your payments are or can be sure about compliance in every country.
- Slow delivery time – Multiple providers means additional security and compliance checks that slow things down, putting on-time payments at risk.
- Hidden fees – Third-party payroll providers may work with multiple banks and financial institutions, each of whom will layer in exchange rate mark-ups and other hidden costs so they can profit at your expense.
Papaya believes that payroll payments are not only a core part of the payroll service but the crucial step in the process.
Connecting the Dots in Global Workforce
Papaya Global is now not only connecting the dots across the employee experience (from hiring to paying), but also bringing your HR and Finance tech stack together.
In today’s global business environment, companies must integrate their operating tools to maximize efficiency. They need to build a tech stack of tools that “speak” to one another. Our platform can do just that – Papaya brings your HCM, ERP, expenses platform, and other tools together, providing payroll, payments, and business analytics, and serving as the “brain” for the entire process.
Additionally, as payroll compliance and processing grow increasingly complex, companies need tools that not only carry out tasks but also validate that the work is accurate – and when it comes to payroll – compliant. Papaya has built-in engines that validate all workforce data for accuracy and compliance automatically – the only global payroll platform that does that. Missing information is added seamlessly, so processes such as employee onboarding go faster and smoother.
With our HCM integration, Papaya provides additional employee data such as tax forms, expenses, and bonuses. For ERP, Papaya automates your JEs, and also breaks down global payroll spending figures into cost items, so that instead of receiving a report of stating that a company spent $1 million on employees, it will see how much went to salaries, how much to employee taxes, social taxes, pensions, etc.
And finally, our payroll payments service removes unnecessary middlemen from the operation, allowing for the fastest payroll payments on the market. And since the entire system is integrated and functioning as a whole, all of the data can be collected in one place for a clear view of all workforce spending in our BI dashboards.
For companies with global workforces, that really is connecting the dots.
Regain control of your payroll and payments. Find out how Papaya Payments gives you faster and more reliable payroll payments – all through one platform.
Schedule a demo today.