Papaya Global launches embedded payments platform, Papaya Global Payroll Payments
By Leandra Monteiro
Papaya Global, the SaaS FinTech company providing global payroll and payments technology, 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 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 product gives clients the ability to provide faster payments because Papaya owns money transfer licenses globally and built a solution designed for payroll payments. 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.
Furthermore, 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.
“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.”
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.
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 08, 2023