Papaya Global Launches Embedded Payments Platform Designed for Payroll

Papaya Global Raises $250M for Onboarding, More

Papaya Global has launched an embedded payments platform designed for payroll and other worker-related expenditures.

The new Papaya Global Payroll Payments automates all processes, reduces mistakes and enables payments to employees both locally and around the world, the company said in a Tuesday (March 7) press release.

“We’re giving organizations with global workforces a true borderless solution for getting team members their payments quickly and accurately,” Papaya Co-founder and CEO Eynat Guez said in the release. “No more manual processes, no more late or inaccurate payments, no fees reaching the employees.”

PYMNTS research has found that 80% of the businesses in the United States and the United Kingdom that hire internationally have experienced challenges when paying or managing overseas workers.

Hiring and paying international employees involves a complex series of requirements, such as adhering to local regulations, managing taxes and dealing with fluctuating exchange rates, according to “Meeting the Demand for Cross-Border Hiring: Challenges in International Workforce Payment and Management,” a PYMNTS and Nium collaboration.

Making cross-border payments to employees and freelancers can be a complex undertaking, as many countries’ currencies are highly regulated. Platforms like Papaya Global’s can ensure that compliance and regulations are followed and that taxes are paid, Guez told PYMNTS in an interview posted in December.

“On the payment side, we constantly see more and more regulation on anti-money laundering and global transactions that are being monitored and so on,” Guez said at the time. “And payroll is a very local transaction, but it’s also timely transactions [for employers]. I need to pay you correctly. I need to pay you exactly on time.”

The new Papaya Global Payroll Payments platform enables the processing of global payroll and mass payments to employees, authorities, benefits vendors and other beneficiaries, according to the press release.

Clients can use multiple currencies to pay out in 160 countries, they get payroll accuracy and visibility via the in-house transfer rails, and the payments arrive within 72 hours because Papaya owns money transfer licenses globally, after Papaya’s acquisition of Azimo, the release said.

“Our promise to our clients: Employers now have full control in determining when their employee’s payments land,” Guez said in the release.

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