Papaya Global introduces global direct deposit with the first workforce wallet
Laetitia Moncarz| Oct 12, 2023
For the first time ever, paying all your global workforce by direct deposit from one centralized place is possible. Introducing: the first Workforce Wallet, enabling global direct deposit for any kind of workforce payment or worker anywhere in the world, including authority and beneficiary payments.
Unlike traditional methods requiring individual bank accounts in each country of operation, the new global direct deposit capability allows employers to make workforce payments worldwide easily and efficiently.
The Workforce Wallet – the first payment technology explicitly created for cross-border workforce payments – is the latest innovation in Papaya Global’s full suite of enterprise-grade solutions for global workforce management. With it, businesses can fund any number of wallets in 12 different major currencies and make on-time global direct deposits in over 160 countries in local currencies.
Click here for the complete workforce wallet and global direct deposit handbook.
Remove the Risk
A licensed and regulated payment provider, Papaya Global’s Workforce Wallets remove the risks involved in managing and sending international workforce payments, as client funds are safeguarded and segregated at global tier-1 banks, such as J.P. Morgan.
A recent J.P. Morgan report titled “Five payment trends for growth based on current conditions,” reiterated the well-documented set of pains business experience when managing and disbursing global workforce payments – and the need to find a suitable solution.
“Businesses should leverage trusted, established financial institutions to create seamless, frictionless payment experiences,” claims the report, making it hard to miss the main underlying pain: global payments are getting more and more complex, and businesses strive for the kind of fintech innovation that would help them with payments.
This is where Papaya Global’s Workforce Wallets-enabled global direct deposits come in.
Workforce Wallet is the latest iteration of Papaya Payroll OS – the world’s first unified platform for payroll & payments. Finally, you can run everything from one platform with the assurance of the only regulated technology and financial institution dedicated to all things workforce – from onboarding through payroll, payments, and all the way to data and journal entry automations and integrations.
The benefits of combining cutting-edge technology with deep local regulatory expertise include:
- Single 2-day KYC for all workforce payments: Opening a Papaya wallet – backed by J.P. Morgan – is a fast and regulated process, offering unmatched flexibility when managing payments and treasury. Eliminating the need to go through multiple local KYC processes.
- Innate sync to payroll data: Since the workforce wallet is built into a global payroll platform, you get exact payment forecasts, accounting for payroll costs, FX volatility, and fees.
- Completely centralized solution: Working with our Workforce Wallets means avoiding the excruciating experience of opening and managing multiple local bank accounts.
- Safeguarded and segregated funds: With our five international licenses to hold and transfer funds, Papaya is a regulated and audited financial institution – and your funds are held at client money accounts at tier-one banks like J.P. Morgan.
- Ultimate security: By leveraging J.P. Morgan’s account infrastructure and rails, you enjoy strict bank-level security measures without going back and forth between platforms and moving bank files around.
- Commitment to On-time Payments: Papaya’s workforce wallets guarantee payments land precisely when they should, in accordance with your payroll cycle.
- No hidden fees: Since Papaya is the payment provider, not utilizing 3rd party PSPs, there are no additional fees that pop out, like they do with other cross-border and/or workforce payment methods.
- Minimize exposure to FX volatility (and working capital flexibility): Because you can fund your Papaya Workforce Wallets only 3 days before payment is due – you can control and manage your working capital until much later into the pay cycle and mitigate FX costs in a tighter, more predictable way than ever before.
- Visible EOR security deposits: Not having this kind of visibility is a pain anyone employing EOR workers knows all too well. We solved that one, too.
- Full liability: And, if something ever goes wrong, we’re here for you 24/7, with our extended liability policy.
Click here to learn more about the benefits of this groundbreaking global direct deposit solution and the first Workforce Wallet.
A New Standard in Payments
This is a significant milestone for the company and the industry. A year ago, we at Papaya made a bold decision – we set out to become the only global workforce management platform to include global payments along with workforce and payroll solutions.
By achieving this goal, we created a new way of conducting business and set a new standard in this space.
The wallet replaces the need for multiple bank accounts, optimizes FX management, and provides transparency – overall streamlining treasury management. That’s why all of Papaya’s clients will adopt the solution starting 2024.
Companies can use the wallet for all types of workforce global direct deposits – to all stakeholders and for all employment categories – from a centralized location, operating on payment rails designed for global workforce direct deposits.
Putting Papaya’s Workforce Wallets in the hands of treasurers, finance managers, and CFOs transforms global payroll payments, creates a new level of control, speed, and data access, and brings a new level of efficiency to the entire operation. It’s precisely the kind of fintech innovation J.P. Morgan says businesses strive for – and then some.
Download the complete workforce wallet and global direct deposit handbook.