Papaya Global announced the launch of its latest offering - Papaya Global Payroll Payments on March 7, 2023. It is a fully automated, embedded payments platform that allows clients to process global payroll and make mass payments to employees, authorities, benefits vendors, and other beneficiaries.
Most payroll suppliers outsource payroll payments to third-party vendors, who often need to prepare to handle them. The company now offers a fast, affordable payroll and worker-related payment platform.
This first-of-its-kind service lets customers pay faster because Papaya has global money transfer licenses and, hence, made way for payroll payments. Some payment providers think that distributing payments is the primary goal, but Papaya knows that the goal is to get cash on time, which is what payroll is supposed to do. Using the Papaya platform, payments are received within 72 hours, a first in the industry.
This payment solution provides everyone with the 'final mile of the payroll process'. It may be linked to Papaya's payroll or any payroll provider for labor payouts. Payment accuracy and visibility are provided through in-house transfer rails. Mismanaging payroll with other suppliers might cause delays and fines for employees. Nonetheless, Papaya's payroll payment infrastructure ensures employees receive the total transfer value.
Clients must handle issues with third-party payment providers' customer support. Papaya clients have a monitoring crew that can help with any case, even when banks are closed, and an employee-guaranteed compensation plan for technological errors that delay or fail payments. Funding in numerous currencies allows clients to pay out in 160 countries. JP Morgan backs all of this, so clients' money is always safe and controlled.
Papaya's software replicates all money transfers to discover the best delivery path and the correct payment amount. It accommodates currency volatility as late as possible. Customers have full access to and control over their accounts, and they can see their current balances in many different currencies and track any payment at any point in the process. They can also mark payments as salary, service, tax, or other designations with Payroll Payments, which helps banks screen the money. For example, employees' credit ratings won't be affected because the money is labeled 'salary'.
About Papaya Global
Papaya Global is a SaaS fintech firm offering worldwide payroll technology with an integrated payments platform for global enterprises' workforce needs. Papaya Payroll OS automates, complies, adapts, and secures worldwide payroll. Finance teams may track and manage labor expenditures and payments with full responsibility on the platform. The company integrates HCM and ERP data as well as procedures to offer a single source of truth for global payroll. As a result, payroll, any company's most significant expense and liability becomes a strategic asset, enabling growth at scale.