Papaya Global and Fireblocks have announced a partnership that focuses on powering real-time payouts for the world's banked and unbanked workforce.
Following this announcement, Banco Wallet, the new global workforce wallet, was powered by Fireblocks' secure digital asset infrastructure, aiming to unlock payment capabilities for global employers, while also aiming to overcome the limitations of legacy financial systems.
In addition, as more industries expand to distributed workforces, traditional banking infrastructure has also struggled to keep pace. Sectors such as production and media, oil and gas, maritime shipping, and gaming frequently deploy talent across borders for brief projects, with many of whom lack access to local banking services. Furthermore, cross-border payroll services remain constrained by long settlement times, as well as high intermediary costs. With this in mind, Banco Wallet aims to focus on the process of enabling employers to pay employees, contractors, and vendors across more than 180 countries around the world, while also leveraging fiat and stablecoins alike.
Enabling instant cross-border payroll and workforce payouts by using stablecoin settlement
According to the official press release, Banco Wallet was powered by Fireblocks' digital asset infrastructure, combining embedded wallets by Dynamic (a Fireblocks company) for account issuance and management with Fireblocks' platform for treasury operations and reconciliation, as well as the Fireblocks Network for Payments for secure, scalable stablecoin payment flows and fiat-stablecoin-fiat conversions. These capabilities are expected to give Papaya Global the possibility to deliver secure fiat and stablecoin payouts, while also maintaining the operational controls, security standards, and compliance requirements expected in enterprise payments.
With Banco Wallet, both companies aim to optimise global workforce payments, while also giving businesses the possibility to pay employees and contractors across borders with improved speed, flexibility, and access to earnings. At the same time, Banco Wallet includes credit card connectivity, has the ability to hold funds in multiple currencies, and offers remote family payouts and yield-earning options. Firms and companies will be enabled to adopt instant global payouts without requiring workers to change banks, open new accounts, or wait for international transfers to settle, while also benefiting from lower costs than traditional bank-led flows.
