Earlier this year, G-P (Globalization Partners), a global employment platform, joined forces with money transfer company Wise to power the future of how businesses pay international freelancers and contractors.
The partnership offers flexible payment options, a straightforward view into the entire payments process, as well as transparency throughout. Businesses have more control and autonomy over their international payments, allowing them to choose the time, frequency, and currency of payments.
Furthermore, the partnership addresses the limitations of traditional cross-border payment systems that rely on time-consuming and manually intensive bank transfers for payment processing. G-P Contractor customers can choose from various payment and payout methods, batch payments for invoices in the same or different currencies, and have access to transparent payment summaries and real-time payment status updates.
We chatted with Srinivas Vadhri, vice president of fintech strategy, partnerships & product at G-P, and Steve Naudé, head of Wise Platform, to learn more about the collaboration.
TFT: In what ways have freelancers and contractors faced financial exclusion in the past?
Srinivas Vadhri (SV): The way we work has changed, but some professionals have been left behind due to antiquated business practices. Almost 45 per cent of the total global workforce is self-employed, according to the World Employment Confederation. When these independent workers taking on remote contract positions, they often have no access to useful and affordable services to easily take on and be compensated for their work.
Constrained by high bank transaction fees, fluctuating exchange rates, long processing times, payment discrepancies, lack of transparency in the entire payment process and not getting paid on time they are being financially excluded in this new world of work.
At G-P, our mission is to break down barriers to global business and in doing so, enable employment opportunities for everyone everywhere. Financial inclusion within the global workforce is critical to achieving that mission.
TFT: How will the integration of Wise into the G-P platform provide more autonomy and transparency for businesses and contractors when it comes to cross-border transactions?
(SV): G-P’s partnership with Wise helps us further deliver on our mission to create a borderless and equitable world of work. The G-P and Wise integration provides an ethical payment process through G-P Meridian Contractor. Businesses and freelancers have more autonomy to control when and how
payments are made. Businesses can choose the time, frequency, and currency of payments.
They can also see a full breakdown of transaction details and real-time payment status. Together we are redefining cross-border employment and payment processes, to create a global workforce unhindered by traditional financial systems.
TFT: What are your plans for the future of this partnership?
(SV): We launched our partnership one month ago and are already discussing ways we can enhance our collaboration to benefit our customers. Together, we share a vision to enable businesses to create opportunities and seamlessly pay international freelancers and contractors.
Steve Naudé (SN): At Wise Platform our goal is to ensure that all of our partners have access to all the world-class products that Wise has to offer. With G-P, we’re off to a great start and look forward to more to come.
TFT: How does this partnership fit in Wise’s roadmap for the future?
(SN): Wise’s mission is money without borders for everyone and through Wise Platform we aim to be a best-in-class provider that banks, businesses and fintechs partner with to power their cross-border payment solutions. This partnership with G-P is the latest example of our commitment to being the leading provider of international payments solutions for SMB, mid-market, and enterprise businesses. Ultimately, we will continue to grow our partnerships in 2023 to those in the financial sector and beyond and we look forward to sharing more as we’re able to.
TFT: With the choice of payment method and payout method, what measures are in place to ensure that transactions are secure and protected from fraud?
(SN): Wise takes the security and safety of our customers’ money incredibly seriously and we invest significant human and financial resources to protect our customers from fraud. Our fraud and security teams work proactively to keep our customers’ money safe from fraudsters and we provide ample resources to our customers so that they have the information they need to stay vigilant and safe. This work extends to our Wise Platform partners and their customers as well.
(SV): Worldwide, the platform offers bank grade security, HTTPS encryption and 2FA to protect every transaction on G-P Contractor. FinCEN (Financial Crimes Enforcement Network) regulates Wise in the US, and Wise renews its registration annually. In addition to this, all personal and financial information is safe with manual and automatic processes and advanced anti-fraud technologies in place.
TFT: What makes it more efficient and transparent than other payment systems?
(SN): For over a decade Wise has built a next-generation global payments network that enables money to move quickly and cheaply across borders. We always use the true mid-market exchange rate and show customers exactly how much they are paying in fees. Plus, Wise is up to six times cheaper than traditional banks, who often hide their own fees in inflated exchange rates.
By leveraging Wise’s global payments infrastructure, G-P customers will now have more flexible payment options for contractors and freelancers, as well as a straightforward view into the entire payments process. This transparency and convenience will be huge for the businesses that utilise the G-P Contractor platform as it also gives them more autonomy and control over their international payments.
TFT: Did integrating Wise into the G-P platform pose any technological and engineering challenges?
(SV): No. We had a truly collaborative approach focused on delivering the API to enable the wallet endpoint and bank transfer transactions that could meet the needs of the everywhere workforce. ticks all these boxes.
(SN): G-P has been an incredible partner with teams that have been open, engaged and collaborative throughout this process to ensure we’re building the best possible solution. For this specific integration with G-P, we joined forces and focused on building a slick user experience, a seamless onboarding flow and strong security checks. We look forward to continuing to work with G-P to overcome any future challenges and find solutions that meet the needs of their customers together.