Papaya Global launches embedded payments platform for global payroll payments

This new product automates all processes, reduces the mistakes and uncertainty that continue to plague companies, and allows clients to pay all employees around the globe accurately and timely, all in one click.

Facilitating companies in paying their employees

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. Other payment providers see the payment distribution as the main goal while Papaya knows that the time of receiving funds accurately is the goal — this is what payroll is required to do. 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 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.

Third-party payments providers require clients to work with customer service to resolve problems. 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, so clients' money is always safe and under control.

Keeping the payment process optimised

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, and 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.