- In a global economy, payments processes are fraught with complexity. What are the key internal challenges facing global firms today?
- On top of this are the logistical challenges of moving payments across borders. How can firms best tackle an increasingly complex regulatory environment?
- What are the best ways for forward-thinking businesses to address transparency and liability issues in cross-border payments?
With remote working on the rise, workforces are increasingly scattered around the globe. While this brings numerous benefits – for both employee and employer – the payments process has become fraught with complexity.
Indeed, compliantly managing payments for a global workforce involves more than simply ensuring the funds arrive on time. It forces businesses to stay up to date with countless moving parts, including regulations on beneficiary payments, regional bank holidays, as well as many other local requirements. On top of this, any possible issues must be caught ahead of time to ensure all employees receive their wages on the date expected.
This is already a resource-intensive exercise – that is before the layer of logistical complexity around cross-border payments is added. To be managed are innumerable payments schemes, the lack of transparency and global uniformity around payments regulation, as well as considerable transaction costs. It is time for firms to identify new and novel means to address these difficulties.
Sign up for this Finextra webinar, hosted in association with Papaya Global, to join our panel of industry experts who will explore the complexities of global workforce payments, their impact on businesses, and how each can be addressed.
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