The firms said in a Wednesday (Feb. 22) press release that adding Wise’s cross-border payments technology to G-P’s Global Employment Platform will enable businesses to make payments in most countries and currencies whenever they choose.
“Together with Wise, we are creating a world that is unhindered by traditional financial systems, providing customers and contractors an ethical and transparent employment and payment process for all talent through our Global Employment Platform,” G-P Chief Product and Strategy Officer Nat Rajesh Natarajan said in the release.
PYMNTS research has found that four out of five firms report experiencing challenges when paying their international workers.
Forty-seven percent of companies said managing taxes is an issue they have faced when making payments to international workers, while 19% said regulatory compliance is their most critical challenge in this area, according to the “Cross-Border Payroll and Contractor Payments Report,” a PYMNTS and Nium collaboration.
Another report found that on-demand payments help companies retain in-demand contractors and consultants who can be selective about the jobs they accept.
Payment choice is driving gig workers’ employment decisions, and unpredictable payments are one of the leading reasons independent workers switch employers, according to the “Expanding Payments Choice Playbook,” a PYMNTS and Onbe collaboration.
The report also found that gig workers now expect real-time payment options due to the increasing availability of accurate, transparent and expedited payment options.
Companies that accelerate their digital transformation, shift how they handle independent worker payroll and offer more flexible payments will have a clear recruitment advantage, the report said.
With the partnership of G-P and Wise, companies can access flexible payment options within the G-P platform, including bank transfer, credit, debit, ACH, wire and international wire, according to the press release.
Users of the platform can also see the mid-market exchange rate, real-time payment status and other parts of the payments process, the release said.
“We’ve seen a growing need from companies to have more control over their international payments, especially to contractors, and are proud to see G-P trusting Wise to manage and power their cross-border capabilities,” Head of Wise Platform Steve Naudé said in the release.
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