Over the last five or 6 years …Papaya Global Fintech… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add additional intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by companies across the world so again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real tough kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect viewpoint on workers it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on people’s wellness and many other elements if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other vital matters are done correctly. Using the very first International Payments first payroll payment service is a fantastic preliminary action towards offering a thorough payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to main separate savings account there are Papaya Global Fintech organizations out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it needs altering however eventually people are very stuck with what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving several savings account however there’s a huge quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is substantial however I think the sincere response is change um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Fintech