Paying a global workforce can be a major challenge for businesses because of the various currencies, complex tax and labor laws, and reimbursing business expenses.
According to a PYMNTS Intelligence report, “Cross-Border Payroll and Contractor Payments,” 47% of firms surveyed said that managing taxes is the most common challenge when hiring globally. Another study by PYMNTS Intelligence found that 80% of companies hit roadblocks when making international workforce payments.
But for SAP users, managing payments to globally dispersed internal and external workers may just have become easier to manage.
In a Tuesday (April 22) press release, payroll and payments automation platform Papaya Global announced a partnership with AKT, an HR cloud solutions provider specializing in global SAP integration.
According to the release, the firms have rolled out an integrated workforce payment solution for companies that use SAP’s human capital management (SuccessFactors) and vendor management (Fieldglass) systems to pay employees and contractors across international operations.
SAP SuccessFactors and Fieldglass users now have tools available for making payments to both permanent and external/contingent workers accurately and on time without having to switch systems, the release said.
According to the press release, Papaya Global pays workers in the local currency of 160+ countries and has raised more than $450 million in capital since it was founded in 2016, for a $3.7 billion valuation.
In a statement, Yosef Fried, the vice president, alliances and ecosystem of Papaya Global said: “We’re excited to partner with AKT, which has a record of more than 500 completed projects.”
The release also mentioned that AKT provides “a range of services, including IT consulting, systems integration, and digital transformation solutions” and partners with Qualtrics, in addition to SAP, “to integrate and streamline complex processes across departments.”
In other Papaya Global news, PYMNTS reported in March that the company added Citibank as a sponsor bank, in addition to JPMorgan Chase, to enable Papaya Global to expand to new geographic regions.
