#USA #New York #global payroll #Papaya Global #Fireblocks

Papaya Global Partners with Fireblocks for Innovative Payments

In a significant move to enhance global payroll systems, Papaya Global, a leading payroll and payments platform, has joined forces with Fireblocks, a powerhouse securing over $5 trillion in digital assets yearly. This collaboration aims to introduce the Banco Wallet, a groundbreaking tool designed to facilitate instant cross-border payroll and workforce payments through stablecoin settlements.

Addressing Modern Payment Challenges

As industries increasingly rely on distributed workforces, traditional banking systems often struggle to keep pace with the need for swift and efficient payment solutions. Many sectors, including production, media, oil and gas, maritime shipping, and gaming, frequently deploy talent around the globe for short-term projects. Unfortunately, a significant portion of these workers lacks access to local banking facilities, which complicates the payroll process. Long settlement times and high intermediary costs have made cross-border payroll cumbersome.

The new Banco Wallet sets out to change this dynamic by enabling employers to pay employees, contractors, and vendors in over 180 countries using both fiat currency and stablecoins. This omni-wallet solution eliminates many of the barriers inherent in legacy financial systems.

Innovation in Global Payroll

Michael Shaulov, CEO of Fireblocks, stated, "This partnership brings long-awaited innovation to one of the most complex and high-volume payment categories global payroll." He emphasized that the Banco Wallet showcases the potential of modern payment applications built on digital asset infrastructure, enhancing reliability and governance for enterprises.

The Banco Wallet leverages Fireblocks' robust digital asset infrastructure. This includes embedded wallets by Dynamic (a Fireblocks subsidiary) for account management, alongside Fireblocks' treasury operations and reconciliation platform. Secure, scalable payment flows are made possible through the Fireblocks Network for Payments, which also facilitates fiat-stablecoin-fiat conversions.

These advanced features empower Papaya Global to offer both fiat and stablecoin payouts without compromising operational controls, security standards, or compliance requirements that are vital for enterprise payments.

Speed, Flexibility, and Access

Eynat Guez, CEO of Papaya Global, expressed enthusiasm for the Banco Wallet's capabilities, stating, "Global payments should move at the pace of global work." This new wallet is poised to set a new standard for workforce payments, enabling businesses to quickly and flexibly pay employees and contractors across borders.

Banco Wallet includes several cutting-edge features, such as credit card connectivity, the ability to hold funds in multiple currencies, options for remote family payouts, and yield-earning opportunities. This means companies can offer instant global payouts without requiring their workers to change banks or deal with the delays associated with international transfers. Notably, the cost savings realized through this platform are significantly lower than traditional bank-led transactions.

Fireblocks and Papaya Global: Powering the Future

About Fireblocks, it is recognized as the world's top digital asset infrastructure provider, empowering organizations to efficiently build and manage their blockchain business. Trusts from thousands of institutions, including Worldpay, BNY, Galaxy, and Revolut, underscore its reliability in securing over $10 trillion in digital assets transactions across multiple blockchains.

On the other hand, Papaya Global positions itself as the go-to platform for managing payroll and payments for distributed workforces, simplifying compliance, and enhancing the overall payroll experience across more than 160 countries. This collaboration marks a pivotal moment in the evolution of global payroll, paving the way for a more inclusive, efficient, and innovative payment landscape.