Globalization has given rise to a new specialty among FinTech companies: cross-border payroll. A new partnership in the game will look to streamline this area for firms with international staff.
On Monday (Aug. 15), Blue Marble Global Payroll revealed a partnership with World First, a cross-border payments and corporate FX firm. Together, the companies will aim to streamline the process through which firms pay their overseas employees.
Key to their collaboration will be consolidating the payroll process so that businesses can pay employees through a single currency and manage payroll through a single, digital portal, the firms said. Their partnership also enables Blue Marble to add to its global consulting division, the firms revealed, to provide cross-border payments and treasury management services to their corporate clients.
“It allows our clients to automate their international payroll and statutory payment processes around the world,” said Blue Marble SVP of Sales and Marketing Victor Lobo in a statement reflecting on the new partnership.
“Our new treasury management capabilities support Blue Marble’s mission in revolutionizing global payroll and leading the global payroll industry,” Lobo added.
The solution is geared towards SMEs that are looking to expand across borders but are challenged with the tasks of issuing payroll internationally or dealing with FX and other cross-border payments issues.
FX can trip up SMEs, World First says, especially when choosing infrastructure to help them expand.
That’s according to World First Chief Executive Officer of North America Mike Ward, who spoke with PYMNTS earlier this year. Regulation can also lead to trouble, he added.