Papaya Global Introduces Direct Deposit Tool for Cross-Border Payments

Papaya Global, a leading provider of global workforce management solutions, has introduced a new tool for cross-border payments.

The company’s Workforce Wallet allows employers to make global direct deposits easily and efficiently from one centralized place, according to a Thursday (Oct. 12) blog post. This solution addresses the challenges faced by businesses when managing and disbursing global workforce payments.

Traditionally, managing global workforce payments has been complex and time-consuming, requiring individual bank accounts in each country of operation. However, with Papaya Global’s Workforce Wallet, businesses can now make on-time global direct deposits in over 160 countries in local currencies. This eliminates the need for multiple local bank accounts and streamlines the payment process.

One of the benefits of using Papaya Global’s Workforce Wallet is the removal of risks involved in managing and sending international workforce payments. Client funds are safeguarded and segregated at global tier-1 banks, such as J.P. Morgan.

The Workforce Wallets offer a single two-day KYC (know your customer) process for all workforce payments, innate sync to payroll data, commitment to on-time payments, minimized exposure to foreign exchange volatility, and full liability coverage.

Starting in 2024, all of Papaya’s clients will adopt the solution.

The Workforce Wallet is part of Papaya Global’s unified payroll and payments platform, which has been completed recently. This platform enables direct deposit in 12 currencies and allows payments in over 160 countries. With most transactions being processed on the same day, global payroll payment processing becomes 80% faster. The platform also eliminates the need for multiple bank accounts and optimizes foreign exchange management.

Papaya Global’s Workforce OS, launched recently, includes unique data connectors for human capital management and enterprise resource planning systems, a payroll engine analytics tool, a workforce payments platform, and an employee mobile app. This integrated approach consolidates workforce management tools, creating a single source of truth and transforming payroll into a strategic asset.

In March, Papaya Global unveiled an embedded payments tool to handle payroll and other worker-related expenses. The tool is automated and reduces errors while enabling payments to employees globally.