Papaya Global has introduced a groundbreaking solution in the form of the Workforce Wallet, aimed at addressing critical challenges in the payroll and payments sector.
This innovative product is set to redefine the management of global workforce payments, offering a solution that streamlines direct deposits, and secures and isolates clients’ funds from potential risks.
The Workforce Wallet enhances workforce payments, providing full transparency ,and eliminating the requirement for multiple bank accounts, and optimising foreign exchange (FX) management.
Papaya Global, established in 2016, is a Software as a Service (SaaS) fintech company that enables enterprises to effectively navigate the intricacies of global workforce management. Their approach integrates various workforce management tools, from Human Capital Management (HCM) to Enterprise Resource Planning (ERP), consolidating these tools into a single source. The result is the transformation of payroll into a strategic asset for businesses.
The Workforce Wallet is fully compliant with Papaya Global’s global money transfer licenses and is supported by the infrastructure of J.P. Morgan, ensuring bank-level control and security. This means that employers’ funds are not only safeguarded but also kept separate, establishing the Workforce Wallet as the sole regulated and audited solution for global workforce payments.
One of the standout features of the Workforce Wallet is its remarkable speed. It accelerates global payroll payment processing by 80%, offering a remarkable 95% same-day worker payments with global payroll payment rails.
It also reduces bounced payments to less than 0.1%. Payments using this solution can arrive in as little as 15 seconds or within a guaranteed 72-hour period. Additionally, clients adopting the Workforce Wallet benefit from a rapid 2-day Know Your Customer (KYC) process and a 3-day pre-payment period.
This innovative product represents the latest achievement for Papaya Global, which has solidified its position as the preferred platform for multinational enterprises seeking regulated workforce payment solutions.
Laetitia Moncarz, Global Head of Payments at Papaya Global, said, “A year ago, we made a bold decision. We set out to become the only global workforce management platform to include global payments along with workforce and payroll solutions. By achieving this goal, we created a new way of conducting business and set a new standard in this space.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
