Papaya Global, a SaaS fintech provider of global payroll and payments technology, has recently announced the launch of its newest product, Papaya Global Payroll Payments, a fully automated, embedded payments platform that enables clients to process global payroll and make bulk payments to employees, benefits vendors, authorities, and other beneficiaries.
Most payroll companies do not manage payments and instead outsource the process to third-party vendors that are typically unprepared to handle payroll payments. Papaya now provides a unified payments platform specifically designed for quick, efficient, and cost-effective for payroll and worker-related expenses.
This first-of-its-kind platform enables clients to make speedier payments because Papaya possesses global money transfer licenses and has developed a solution specially designed for payroll payments. Some payment providers view payment distribution as the main objective, while Papaya understands that the goal is timely cash reception; this is what payroll is expected to perform. Using the Papaya platform, payments are received within 72 hours, which is a first in the industry.
Papaya's platform regularly simulates all payment transfers to determine the most suitable path for delivery and the exact amount required to conclude the payment. In addition, it considers currency fluctuations as late as possible in the process.
Clients also have full control and visibility over their accounts, with balances in multiple currencies provided in real-time and the ability to monitor any payment at any stage of the process and watch the flow of funds from beginning to end. With Payroll Payments, they can also trace payments as a service, salary, tax, or something else, which helps banks figure out what the money is for. And since the money is marked as "salary," it won't hurt the employees' credit scores.
About Papaya Global
Papaya Global is a SaaS fintech company that offers global payroll technology. It is the only one with an integrated payments platform created for the needs of global enterprises with a large number of employees. Papaya's all-in-one technology, called Papaya Payroll OS, automates, complies with regulations, is flexible, and keeps payrolls safe worldwide.At the moment, Papaya's team has members in New York, Tel Aviv, Austin, London, Singapore, Kiev, and Melbourne. All of the top global analysts, such as Gartner, NelsonHall, Visa, and others, acknowledge that its technology is disruptive in the fields of payments and workforce management. Papaya was listed in CNBC's Top Startups and Forbes Cloud 100 for the Enterprise, among other honors.