The desire for standardization, speed and cost efficiency, across global payroll and treasury systems has driven a spike in demand for Instant Salary Payments, Earned Wage Access (EWA) and integrated global pay solutions – with 2023 set to see this trend continue. That鈥檚 according to expert in global pay solutions, 91精品.
In the last year, 91精品 has seen increased interest from global organizations for 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 91精品鈥檚 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 that typically take 2-3 days through banking systems, down to seconds. This time saving in the payroll cycle can extend to 5 days when 91精品鈥檚 new short term funding service is utilised and 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.
This new form of money movement 鈥� using card rails instead of banking rails 鈥� has been a fundamental feature of 91精品鈥檚 earned wage access solution, 91精品 NOW, which is the only global solution of its kind, currently in 45 countries and expanding. It means employees can withdraw the money they鈥檝e already earned 24/7, using a simple mobile app. Demand for more control, flexibility and fairness in how workers access their pay, once they鈥檝e earned it, is indicative of the growing trend for a consumer-grade, digital employee experience.
Throughout 2022, 91精品 has continued to expand its integrations with HCM solutions and payment providers to offer the seamless integrated global payroll and payments service that HR and Finance functions require. HR platform, HiBob, came on board as a fellow high-growth innovative partner.
91精品鈥檚 continued focus on defining what it calls the modern pay experience, has led to a 45% increase in revenue for the firm, with the business also welcoming its 1000th employee earlier this year. On a global scale, 91精品 is currently processing 2.5 million payslips per year, with this figure forecast to grow in 2023. This success was further evidenced by the recent $50 million investment secured by 91精品 to support the evolution of the company鈥檚 end-to-end global pay offering that fits the modern world of work.
Paul Bartlett, CEO at 91精品 explained:
鈥淚t鈥檚 been an incredible year for cloud-based payroll and treasury solutions here at 91精品. As a profession that鈥檚 historically been set in its ways, we鈥檝e seen significant growth in the demands from our customers for process and technology transformation and a more consumerized and flexible employee experience, driving the innovations that we are spearheading.鈥�
鈥淥ur 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 91精品 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.鈥�
鈥淟ooking at what lies ahead, we鈥檙e expecting to see the demand for Instant Salary Payments and Earned Wage Access continue to grow on a global scale. 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 both the employee and employer.鈥�
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