According to an expert in global pay solutions, CloudPay, the desire for instant salary payments has grown. This is because the standardisation, speed and cost efficiency, across global payroll and treasury systems have been impacted by the tech. This is in addition to earned wage access (EWA) and integrated global pay solutions as this trend is set to continue in 2023.
In the last year, CloudPay has seen increased interest from global organisations. They have demanded new ways to improve and innovate payroll processes and technology to fit the modern world of work. The big game changer for payroll and finance teams was CloudPay’s collaboration with Visa Direct which saw the firm able to offer fast, secure salary payments to any debit or credit card.
The major change this brings is a reduction in payroll payment cycles. These typically take two to three days through banking systems, but can be reduced to seconds. This time-saving in the payroll cycle can extend to five days when CloudPay’s new short-term funding service is utilised. This means liquidity remains with the client for longer.
Such time savings are huge for payroll teams that constantly battle against the calendar to achieve accurate and timely salary payments. And for treasury functions to take advantage of the benefits those extra days bring to capital management and cash flow.
“Our ability to provide integrated solutions worldwide remains crucial for the payroll sector as remote working continues to increase the international reach of firms.”
This new form of money movement – using card rails instead of banking rails – has been a fundamental feature of CloudPay’s earned wage access solution, CloudPay NOW, which is the only global solution of its kind, currently in 45 countries and expanding. It means employees can withdraw the money they’ve already earned 24/7, using a simple mobile app.
Employee digital experience demands
The demand for more control, flexibility and fairness in how workers access their pay is growing. It is indicative of the growing trend for a consumer-grade, digital employee experience.
Throughout 2022, CloudPay has continued to expand its integrations with HCM solutions and payment providers. Doing so allowed it to offer seamless integrated global payroll and payments services that HR and Finance functions require. HR platform, HiBob, came on board as a fellow high-growth innovative partner.
CloudPay’s focus on defining what it calls the modern pay experience led to a 45 per cent increase in revenue. The business also welcomed its 1000th employee earlier this year. On a global scale, CloudPay currently processes 2.5 million payslips per year. This figure is forecast to grow in 2023. This success was further evidenced by the recent $50million investment secured by CloudPay. The company will be able to evolve its end-to-end global pay offering using these funds.
Growing cloud-based payment solutions
Paul Bartlett, CEO at CloudPay explained: “It’s been an incredible year for cloud-based payroll and treasury solutions here at CloudPay. As a profession that’s historically been set in its ways, we’ve seen significant growth in the demands from our customers for process and technology transformation and a more consumerised and flexible employee experience, driving the innovations that we are spearheading.
“Our ability to provide integrated solutions worldwide remains crucial for the payroll sector as remote working continues to increase the international reach of firms across almost every sector.
“We have a number of exciting new software developments and partnerships in the pipeline for 2023, including further process automation in payroll, for example handling Local Payroll Information (LPI), and the launch of our new treasury platform that will provide unparalleled end-to-end visibility of data and processes for our clients,” Bartlett continued.
“We’re expecting to see the demand for instant salary payments and earned wage access continue to grow globally. This will be particularly prevalent during the uncertain economic times that seemingly lie ahead. Having the ability to fast-track payroll and payments workflows and provide instant access to pay is hugely valuable during times of crisis. For all parties involved: both the employee and employer.”