850% Growth, 100% Compliance: How Workforce Payments Changed Forever
Laetitia Moncarz| Nov 06, 2023
Not many things are as tiresome as companies celebrating their own milestones. So, a year since we launched the world’s first unified global payroll and payments platform, we will do something else.
We’ll tell you why you should care.
You see, even though it’s most companies’ biggest expense, delivering payroll payments globally is still one of the least efficient organizational processes. Listing all the challenges companies face when paying their workers worldwide will take us until your next pay cycle.
From opening and managing multiple local bank accounts to tracking local government and banking regulations. From funding accounts early in the pay cycle to the lack of visibility from “send” to “land.” From drawn out KYC processes to FX volatility. From HCM data integrations to ERP reconciliations.
Not to mention the unique circumstances of authority payments and other contributions, the need to mark worker payments appropriately with the banks, security issues, hidden fees, and the risks of inaccurate and late payments, which may result in breach of contract and severely hurt employee experience.
With all those hurdles – monthly sticks in your operations’ wheels – there’s little surprise that for decades, ensuring all your payments are accurate and made on time while minimizing security and compliance risks seemed like a fantasy.
Then we took that fantasy, turned it into a vision – and by solving it, made it a reality.
Papaya Global invested several years and hundreds of millions of dollars in developing the first payments technology designed for workforce payments, from A to Z. We built a proprietary payments execution platform, acquired global remittance fintech company Azimo, gained 5 international money transfer licenses, partnered with tier-1 banks like J.P. Morgan, established our own cross-border banking rails, obtained the highest-level security certificates, set up internal teams and mechanisms for superior KYC and AML processes, and built the world’s first Workforce Wallet – a piece of fintech that enables ground-breaking global direct deposits.
If you think that sounds like a lot, well, you’re right. It’s not a coincidence that Papaya Global is currently the only licensed and regulated fintech company specializing in workforce payments.
That all means we offer guaranteed timely and accurate payments with full liability and a broad coverage of same-day delivery. Our clients can complete their KYC within 2 days, fund their wallets in 14 currencies, and pay locally in more than 160 – while their money is securely safeguarded and segregated. Papaya provides you with full transparency, bank-level security, 24/7 service, and one centralized place with visibility, control, and predictability for your entire workforce, no matter the location, and for all employment models (payroll, EOR, contractors).
Your workforce’s data is streamlined straight into the payments process, so compliance is built in. There are no hidden fees, the platform helps you mitigate FX volatility, and our HCM and ERP integrations and automations minimize risks and errors.
Now, 12 months since we launched it, the numbers are in.
- No compliance issues
- <0.1% bounced payments
- <0.1% late payments
- <0.1% inaccurate payments
These remarkable results were achieved while the payment volume processed by our platform grew 850% – making Papaya Global the fastest workforce payments company out there. A scale achieved not in spite of, but thanks to our unbreakable commitment to compliance.
Today, this flawless bill of performance is the reality of more than 450 companies and thousands of users, from Finance and HR executives to treasury and payroll pros.
The trust and collaboration from our clients have not only validated the necessity of a seamless single global payroll and payments platform but also helped establish Papaya Global as a benchmark in delivering a seamless, integrated financial technology – propelling the notion of a unified payroll and payments platform to become a natural and logical choice in the Fintech space.
Among the 450 companies that already adopted Papaya’s payments solution in the past year are many fantastic companies, including GitHub, Southpole, NextThink, WildBrain, Qualitrics, DoubleVerify, Toasts, Forter, Ritz Carlton Yacht Collection, Checkpoint, Jet Aviation, Groupon, to name a few.
Thanks to these clients, growth pace, and performance metrics, and with partners such as J.P. Morgan Chase, Papaya Global received the honor of being awarded the Best Payment Tech Solution by Tech Ascension Awards and named one of the 30 Most Promising Cross-Border Payments Companies for 2023 by FXC Intelligence.
Making payroll and payments within one country is usually a somewhat streamlined process. We took it and elevated it to a global scale – and with an even greater level of efficiency. It was never done before.
And looking forward, today we also want to celebrate you – the finance decision-makers who have yet to join the journey.
Why, you ask?
Because we understand and value the approach many finance executives take when it comes to adopting technologies. You folks do not rush to grab every new piece of tech, even if it is licensed and regulated (like Papaya Global is). The responsibility lying on your shoulders is like no other. Our ultimate commitment to building fast without breaking anything – as proven by our clean bill of compliance and backed by our 100% liability policy – is not enough for everyone. That’s understandable.
That’s why seeing this track record of 12 months, 450 clients, 850% growth, and impeccable – might just be what you’ve been waiting for. And if so, this is indeed a cause for a celebration.
Now, transitioning into the only payment solution built into and for payroll does not only make sense, but it is also trialed, tested, and proven. That’s oftentimes all many finance execs need.
That’s consistent with our promise: We understand the gravitas – and risks – of managing a global workforce, processing payroll, and delivering cross-border payroll payments. We respect the complexity of it all. And we’ll never prioritize rapid growth over compliance – a principle unfortunately not prevalent enough in the industry. You’re welcome to join.