Key takeaways
- Papaya Global's reliance on third-party payment providers led to workflow control issues, hindering customer satisfaction which were compounded by intermediary complexities and fragmented workflows due to engaging multiple payment service providers (PSPs)
- J.P. Morgan Payments helped address multifaceted challenges with an expansive suite of cross-currency solutions to expand Papaya’s payment capabilities, enable real-time transaction processing through API integration and strengthen the company's operational infrastructure with end-to-end payment rails
- The collaboration with J.P. Morgan Payments—paired with efficient payment consolidation, enhanced user experiences and operational efficiency—led to increased customer satisfaction and accelerated KYC processes
About
Papaya Global (Papaya), the first global payroll provider to develop its own native payments platform, earned its position at the forefront of fintech innovation.1 Papaya empowers businesses to navigate international payroll, payments and employer of record (EOR) services for employees and independent contractors. Operating across more than 160 countries, Papaya manages over $7 billion in global payroll and payments for 2,000+ companies, including 35% of global Fortune 500 companies.1 With 900+ team members, Papaya's comprehensive platform serves as a holistic solution for global workforce payroll and payments.2
In an on-going effort to enhance its customers’ experience, Papaya aspired to streamline its payment processes, gain more visibility and control over cross-border payments and improve user experience, which led to its collaboration with J.P. Morgan Payments.
The opportunity
Papaya’s prior engagement with PSPs led to fragmented processes, causing a lack of control and cashflow visibility for its clients. This fragmentation hindered providing clients with a seamless experience, as not all third-party PSPs consistently fulfilled their obligations.
Papaya identified a need for a strategic and technological approach to payment consolidation to optimize cross-border transactions:
- Outsourced payment processes: Dependency on third-party payment providers offered suboptimal customer experiences, accentuated by a shortage of control over the payment workflow
- Global consolidation: Papaya wanted to consolidate its payment operations globally, with a pivotal objective of facilitating worldwide payouts and simplifying its payment ecosystem
- User experience enhancement: Papaya wanted to deliver a consistent experience across diverse geographical and preferential spectrums
- Fragmented payment processes: Engagement with multiple PSPs led to fragmented payment workflows that lacked efficiency and scalability
"We rely on J.P. Morgan Payments’ global reach, which enables us to serve our clients everywhere. This collaboration harnesses the innovation and technology of both companies to deliver more than just on-time payments. By mastering workforce payments, we deliver growth and success."
Jonathon Nash
Senior Director of Payments, Papaya Global
The solution
Papaya's technology, specifically built to guarantee payments to both employees and authorities, will land on the pre-defined day, in local currency and with a payroll payment classification. Along with the expertise of the J.P. Morgan Payments team, Papaya navigates the intricacies of global payroll and cross-border payments safely and securely.
Geolocations, which used to be challenging for the complexities of payroll payments, are now serviceable, so global companies wishing to pay in various parts of Asia, Africa, India and more, can do so confidently. With Papaya’s technology and the capabilities of J.P. Morgan Payments, organizations can make payments in local currency, be it Euro, Dollar, Kenyan Shilling or Sri Lankan Rupees.
In fact, Papaya's workforce wallets, the new standard in managing global workforce funds, leverages payment rails from J.P. Morgan Payments to provide a secure, centralized place where employers can manage all their global direct deposits. Papaya’s workforce wallet offers the safety and security of a bank and the agility and transparency of fintech.
“We use J.P. Morgan Payments rails along with our technology to make sure that our customers never experience a gap in their payroll and payment processes regardless of their location around the world,” explained Chief Strategy Officer at Papaya, Zvika Liblich.
Components of the solution:
- API integration: Integrating payments APIs from J.P. Morgan Payments offers real-time transactional processing, mitigates errors and helps ensure expeditious payments to users and service providers alike.
- Payment rails diversity: A diverse array of payment rails, including SEPA, UKDP, ACH and wire transfers, harnessed through API integration, fortified Papaya’s operational infrastructure.
"The reach, the established prestige of J.P. Morgan, the trust that people have in J.P. Morgan Payments for its heritage and long-lasting credibility in the market, combined with our technology, enables us to provide clients with the best of both worlds."
Zvika Liblich
Chief Strategy Officer, Papaya Global
The results
By leveraging J.P. Morgan Payments expertise and technology, notably J.P. Morgan Access®, Papaya can confidently process workforce payments with:
- Real-time transaction processing and automated cross-currency conversions, which reduces errors and improves payment accuracy
- Guaranteed payment landing dates3
- The ability to fund in 15 currencies and pay out locally in 160 countries, expand its global reach and meet the diverse needs of its clients and partners4
Through its collaboration with J.P. Morgan Payments, Papaya successfully addressed the challenges associated with cross-currency payments and fragmented payment processes. By leveraging technology and financial expertise from J.P. Morgan Payments, Papaya continues to lead the way in simplifying global payroll operations for companies worldwide.
"Payroll payments are critical. J.P. Morgan Payments provides us with the level of service we need to operate in a compliant fashion while delivering a superior experience to our clients."
Ignacio González-Páramo
Global Head of Compliance, Payments, Papaya Global
Learn more about cross-currency solutions from J.P. Morgan Payments here.
References
Papaya Global. (n.d.). About us. Papaya Global. Retrieved June 10, 2024, from https://www.papayaglobal.com/about/
LinkedIn. (n.d.). Papaya Global: Overview. LinkedIn. Retrieved June 10, 2024, from https://www.linkedin.com/company/papaya-global/
Papaya Global. (n.d.). Payments. Papaya Global. Retrieved June 10, 2024, from https://www.papayaglobal.com/payments/
Papaya Global. (n.d.). Workforce Wallet. Papaya Global. Retrieved June 10, 2024, from https://www.papayaglobal.com/workforce-wallet/
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