Papaya Global, the SaaS fintech company providing global payroll and payments technology, announced today the launch of its latest offering, Papaya Global Payroll Payments — a fully automated, embedded payments platform that gives clients the ability to process global payroll and make mass payments to employees, authorities, benefits vendors, and other beneficiaries. Most payroll vendors do not manage the payments but outsource the process to third-party vendors that frequently are not equipped to handle payroll payments. Papaya now offers a singular payments platform specifically designed for payroll and worker-related expenditures that is fast, efficient and cost effective.
This first-of-its-kind product gives clients the ability to provide faster payments because Papaya owns money transfer licenses globally and built a solution designed for payroll payments. Other payment providers see the payment distribution as the main goal while Papaya knows that the time of receiving funds accurately is the goal — this is what payroll is required to do. With Papaya’s platform, payments arrive within 72 hours, which is an industry first.
This payments solution offers the “last mile of the payroll process” to anyone. It can be connected seamlessly to Papaya’s payroll or linked within no time to any payroll provider to be used for any workforce payout need. The in-house transfer rails also provide payment accuracy and visibility. With other providers, any mismanagement of payroll can result in delays and fees that get transferred to employees. However, with Papaya’s payroll payment-focused infrastructure, employees always receive the full due transfer value.
Third-party payments providers require clients to work with customer service to resolve problems. With Papaya, clients have a monitoring team that can support on any issue, even after banks are closed, and has an employee guaranteed compensation plan for any failed or delayed payments that result from a technical error. Clients also have the freedom of funding in multiple currencies to pay out in 160 countries. This is all backed by JP Morgan, so clients’ money is always safe and under control.
“Papaya Payroll Payments is a game changer, full stop,” said Eynat Guez, co-founder and CEO of Papaya. “No other company is offering fully automated, embedded payments designed for payroll. We are the first payroll payments company in the industry to help its clients navigate the needs of the local employee and the global employer. We’re giving organizations with global workforces a true borderless solution for getting team members their payments quickly and accurately. No more manual processes, no more late or inaccurate payments, no fees reaching the employees. Managing a global workforce, especially payroll, is complex. Payroll payments are not just any payments, either — they are a super transaction that carry their own unique banking requirements. Most global payroll vendors outsource payments, typically to accounting firms that aren’t built for payroll and cannot offer liability, because the various geographies presented local challenges. The vendor pulls money from their client’s account, but there is a lack of visibility and planning. It works more like a lien than a wallet that a client can control. Our promise to our clients: employers now have full control in determining when their employee’s payments land.”
Papaya’s platform simulates all payment transfers regularly to find the best route for delivery and the exact amount needed to complete the payment. It accounts for currency volatility as late in the process as possible. Clients also have full visibility and control of their account, with balances in multiple currencies provided in real-time, and the ability to track any payment at any stage of the process, monitoring the flow of funds end-to-end. With Payroll Payments, they can also mark payments as a salary, service, tax, or other designation, which helps how the money is screened by banks. And, with the money marked as “salary,” employees’ credit scores will not be affected.
Papaya’s Payroll Payments can help other entities in addition to Papaya’s clients, which are typically enterprise-size companies. The new platform can assist accounting firms and other industry partners with supporting customers’ needs that exist outside of their areas of expertise. And, it can help Papaya’s partners and other international companies with efficient global money movement.
Papaya’s acquisition of Azimo provided the necessary licenses to make cross-border payments. Partnerships with JP Morgan, Citibank and a few select others helped to build the banking rails of the platform, which gives it payment capability in-house. Papaya’s engineers then created an orchestrator that is distributable, flexible, scalable and asynchronous.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
