[Global] Workforce Wallets for direct deposit to global workforce

When people talk about global payroll complexity, they usually mean the challenges of payroll calculation and navigating the wide range of labour laws and tax requirements in each country. 

But getting the calculations right is just the first step. 

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 payments, companies had to choose between a few options, all with their own challenges:

• They 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. 
• They could simply outsource the entire operation to a Payment Service Provider. However, none were designed especially for workforce payments, meaning they are often slow, unpredictable, and costly. You never know if the money will arrive on time because they are built around “send” data and not the “land” data, which payroll demands. Plus, you lose all control and visibility of your payments. 

Either way, payments can become a quagmire of banking fees, siloed data, subprime banks, and late delivery, opening up workforce payments to risk every pay cycle. 

Technology is needed to simplify the process, together with 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 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.

Now, for the first time, that elusive combination is available through Papaya Global’s Workforce Wallets.

Source: Papaya Global

When people talk about global payroll complexity, they usually mean the challenges of payroll calculation and navigating the wide range of labour laws and tax requirements in each country. 

But getting the calculations right is just the first step. 

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 payments, companies had to choose between a few options, all with their own challenges:

• They 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. 
• They could simply outsource the entire operation to a Payment Service Provider. However, none were designed especially for workforce payments, meaning they are often slow, unpredictable, and costly. You never know if the money will arrive on time because they are built around “send” data and not the “land” data, which payroll demands. Plus, you lose all control and visibility of your payments. 

Either way, payments can become a quagmire of banking fees, siloed data, subprime banks, and late delivery, opening up workforce payments to risk every pay cycle. 

Technology is needed to simplify the process, together with 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 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.

Now, for the first time, that elusive combination is available through Papaya Global’s Workforce Wallets.

Source: Papaya Global