Payroll and payment technology company Papaya Global launched Papaya Global Payroll Payments to help organizations process global payroll and make mass payments to employees, authorities and benefits vendors.
According to the company, the offering gives clients the ability to “provide faster payments” with the help of specific money transfer licenses that Papaya owns globally.
The company said the new payroll solution provides “full visibility and control of the account,” along with the ability to track any payment at any stage of the process. That gives organizations the ability to monitor the flow of funds from end-to-end. With it, users can also mark payments as salary, service, tax or other designation, all of which facilitate the screening of money by banks.
In addition, the product promises payments within 72 hours. Customers also have access to a monitoring team which can help resolve issues. Customers also have access to multiple currencies to pay out in 160 countries.
The solution provides fully automated, embedded payments to help navigate the needs of the local employee and the global employer without manual processes, fees or late payments, said Papaya CEO and Co-Founder Eynat Guez.
Truly Global Payroll
Founded in 2016, Papaya Global provides global payroll technology with an embedded payments platform. The company aims to turn payroll into a strategic asset for the workforce needs of global enterprises.
Last year, Papaya Global acquired Azimo, a money transfer company. The deal included Azimo’s technology, expertise in cross-border money transfers, a global digital payment network and – most significantly – payment licenses. As a result, the Azimo team also joined Papaya Global as part of the acquisition.
The company said the Azimo acquisition provided the necessary licensing to make the Payroll Payments solution possible. In addition, strategic partnerships with JP Morgan, Citibank and others allowed for in-house payment through the company.
Image: Papaya Global