Papaya Global, the SaaS fintech company providing global payroll and payments technology, announced the launch of its latest offering, Papaya Global Payroll Payments. This is a fully automated, embedded payments platform that gives clients the ability to process global payroll. It makes 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. They’re frequently 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 product 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 the payment distribution as the main goal. Meanwhile, Papaya’s focus remains mainly on ensuring funds are received on time. With Papaya’s platform, payments arrive within 72 hours.
This payments solution offers 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. The in-house transfer rails also provide payment accuracy and visibility.
Keeping money safe
Papaya is providing its clients with a monitoring team that can support any issue, even after banks are closed. It also 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 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.”
Providing a variety of services
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. They have 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.
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