[Global] Papaya launches global payroll payments

[Global] Papaya launches global payroll payments
10 Mar 2023

SaaS fintech company Papaya Global has announced 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. The platform makes mass payments to employees, authorities, benefits vendors, and other beneficiaries, The Fintech Times reports.

The majority of payroll vendors do not manage the payments but outsource the process to third-party vendors; they are frequently not equipped to handle payroll payments. Papaya now offers a  fast, efficient and cost-effective payments platform specifically designed for payroll and worker-related expenditures.

This new product reportedly gives clients the ability to provide faster payments because Papaya owns money transfer licenses globally and built a solution designed for payroll payments. Some payment providers see payment distribution as the primary goal, however, Papaya’s focus remains on ensuring funds are received on time. With Papaya’s platform, payments arrive within 72 hours.

This payments solution is intended to offer the ‘last mile of the payroll process’ to anyone. It can be connected seamlessly to Papaya’s payroll. It can also be linked within no time to any payroll provider to be used for any workforce payout need. In addition, the in-house transfer rails provide payment accuracy and visibility.

Keeping money safe

Papaya provides its clients with a monitoring team that can support any issue, even outside bank opening hours. It also has an employee-guaranteed compensation plan for any failed or delayed payments that result from a technical error. Clients can enjoy the freedom of funding in multiple currencies to pay out in 160 countries. This is all reportedly backed by JP Morgan, so clients’ money is always safe and under control.

“Papaya Payroll Payments is a game changer, full stop,” Eynat Guez - co-founder and CEO of Papaya - said. “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 organisations 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. 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.”


Source: The Fintech Times

(Quotes via original reporting)

SaaS fintech company Papaya Global has announced 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. The platform makes mass payments to employees, authorities, benefits vendors, and other beneficiaries, The Fintech Times reports.

The majority of payroll vendors do not manage the payments but outsource the process to third-party vendors; they are frequently not equipped to handle payroll payments. Papaya now offers a  fast, efficient and cost-effective payments platform specifically designed for payroll and worker-related expenditures.

This new product reportedly gives clients the ability to provide faster payments because Papaya owns money transfer licenses globally and built a solution designed for payroll payments. Some payment providers see payment distribution as the primary goal, however, Papaya’s focus remains on ensuring funds are received on time. With Papaya’s platform, payments arrive within 72 hours.

This payments solution is intended to offer the ‘last mile of the payroll process’ to anyone. It can be connected seamlessly to Papaya’s payroll. It can also be linked within no time to any payroll provider to be used for any workforce payout need. In addition, the in-house transfer rails provide payment accuracy and visibility.

Keeping money safe

Papaya provides its clients with a monitoring team that can support any issue, even outside bank opening hours. It also has an employee-guaranteed compensation plan for any failed or delayed payments that result from a technical error. Clients can enjoy the freedom of funding in multiple currencies to pay out in 160 countries. This is all reportedly backed by JP Morgan, so clients’ money is always safe and under control.

“Papaya Payroll Payments is a game changer, full stop,” Eynat Guez - co-founder and CEO of Papaya - said. “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 organisations 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. 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.”


Source: The Fintech Times

(Quotes via original reporting)