Papaya Global , a global workforce management solutions provider, has introduced a new tool enabling customers to direct deposit payroll payments. With its unified payroll and payments platform, Papaya Global aims to redefine how organisations manage global workforce payments through its direct deposit Workforce Wallet, a solution designed specifically for workforce payments.

The Workforce Wallet seeks to solve the main pain points in the payroll and payments space by enabling direct deposit, safeguarding, and segregating clients' funds from any risks, providing transparency, minimising the need for multiple bank accounts, and optimising FX management. As per the official press release, the Workforce Wallet is fully regulated through Papaya Global's global money transfer licences and supported by J.P. Morgan infrastructure.

This bank-level control and security ensures employers' funds are safeguarded and segregated. This feature sets the Workforce Wallet apart as the sole regulated and audited solution for making payments to a global workforce. According to the company, the Workforce Wallet drives global payroll payment processing 80% faster, offering 95% same-day worker payments with global payroll payment rails, and less than 0.1% bounced payments.

Payments are able to arrive as quickly as 15 seconds and up to 72 hours, guaranteed. Furthermore, clients using the wallet solution can take advantage of a two-day KYC process and a three-day pre-payment period. About Papaya Global Based in the US, Papaya Global is a SaaS fintech company that seeks to enable enterprises to master the complexities of global workforce management.

Papaya's integrated approach consolidates workforce management tools from HCM (Human Capital Management) to ERP (Enterprise Resource Planning), to create a single source of truth and turn payroll into a strategic asset. Papaya Global raised more than USD 450 million and partners with J.P. Morgan, Oracle, NetSuite, and others.

Moreover, it serves customers like SentinelOne, Wix, Toyota, Microsoft, and Cyberark in 160 countries worldwide. .