Using Papaya Workforce Wallets is not just safer, it’s also siginficantly quicker. In countries that have instant payment rails, transfers take a mere 15 seconds. In nearly all other cases – 95% – the payments arrive on the same day. Inn countries where payments are uniquely complex, Papaya guarantees the delivery within 3 days.
Your payments always land on time, regardless of your payroll cycle in any country. The payments are classified as salary payments and your company is identified as the ultimate debtor within the banking system.
The one time KYC process can be completed in 48 hours, and you are ready to start making payments. You can fund your account in 12 currencies and you can pay out in the local currency in 160 countries.
“We set out to become the only global workforce management platform to include global payments along with workforce and payroll solutions,” said Laetitia Moncarz, Global Head of Payments at Papaya Global. “By achieving this goal, we created a new way of conducting business and set a new standard in this space.”
Workforce Wallets for Direct Deposit to Global Workforce
When people talk about global payroll complexity, they usually mean the challenges of payroll calculation, navigating the wide range of labor laws and tax requirements in each country.
But getting the calculations right is just step 1.
Step 2 is even more complex (and even more important!) – paying your entire workforce around the world, the tax authorities in each country, and the benefits vendors.
To make the payments, companies had to choose between a few options, all bad. You could open bank accounts in each country and make bank transfers. But that creates a fragmented process involving many banks with different procedures, schedules, and file structures, multiple currencies, and FX issues, and so much reconciliation.
You could simply outsource the entire operation to a Payment Service Provider. But none of them were designed especially for workforce payments, so they are often slow, unpredictable, and costly. You never know if the money will arrive on time because they are built with the around the “send” date, not the “land” data, which payroll demands. Plus, you lose all control and visibility of your payments.
Either way, your payments are quagmire of banking fees, siloed data, subprime banks, and late delivery, leaving your workforce payments at risk every pay cycle.
You need technology to simplify the process. And you need the backing of licensed and regulated institutions to ensure your payments are handled at the highest global standard.
A regulated institution is required to keep your funds segregated, safeguarded, and secure, so you are always protected. Unregulated payment companies will put your funds in accounts mixed with other companies, sometimes even their own funds, leaving you with no protection.
And for the first time, that magical combination is available – through Papaya Global’s Workforce Wallets.
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With nearly two decades of experience spanning multiple regions, Laetitia Moncarz is a leading international Payment expert. In her current position at Papaya Global, Laetitia works to bring a safe and secure payments solution to enterprises around the world. Laetitia’s record includes leadership roles in all major players in the Payments industry Banks, Network, and Payment Service Providers. She has served as Head of Correspondent Banking for APAC at BNP Paribas, Head of Sales and Head of Business Innovation at Swift, and as Head of Financial Networks at Rapyd. Laetitia holds a master’s degree in finance and financial Engineering, and a bachelor’s degree in mathematics from Sorbonne University