Papaya Global & AKT Bring End‑to‑End Workforce Payments to SAP Customers

Within the world of HR and payroll technology, Papaya Global has partnered with AKT, a leading payments and service provider that delivers seamless payment solutions tailored for SAP customers. This effective integration has helped to empower businesses within payment processes, from calculations to cross-border transactions, created under one platform.

Why This Partnership Matters

Large businesses with global operations can sometimes face specific challenges such as:

• Complex payroll systems

Many large businesses often manage multiple payroll systems or maintain numerous regional partnerships, which can lead to compliance issues and payment problems. 

• Disparate payments 

Separate solutions for employee payroll, contractors, and benefits make reconciliation laborious and potentially prone to delays or errors in payments. 

• Payment complications 

Cross-border payments often require FX rates, banking differences, and even local regulations, all of which are prone to potential compliance risks if not followed correctly.

These challenges are important in today’s booming fintech environment, where companies are now seeking centralized and ecure financial solutions. The global fintech market is expected to reach $936 billion by 2023, growing at a CAGR of 26.2% from 2022 to 2030. This area of growth within fintech, known as payroll automation and embedded finances, is where effective solutions such as Papaya and AKT lead by offering payroll solutions and compliance-backed platforms.

In addition, 40% of businesses are now likely to rely on global payroll providers to support workforce payments, especially as more than 50% of businesses employ freelancers or contractors across borders. This reflects the importance of compliance, such as GDPR, and the rise of hybrid working models that drive demand for seamless solutions that combine both payroll and treasury operations, which is what this partnership is now delivering. 

By integrating Papaya’s global payroll and workforce management platform with AKT’s platform and infrastructure, businesses worldwide can gain a practical solution that streamlines payroll processes. 

Why It’s Aligned With Fintech Market Trends

These innovations are working within the fintech sector, which is growing and transforming particularly in HR, payroll, and treasury functions. As businesses grow, traditional finance departments may struggle to keep up with current global changes. According to McKinsey, more than 80% of global automations now involve at least one digital step, shifting towards cloud-based financial ecosystems. 

In the world of payroll, digital disbursements are projected to reach $140 million by 2030, with businesses now placing the importance of solutions to eliminate manual interventions. The Papaya-AKT integration embodies this trend, ensuring SAP customers can take full advantage of fintech through effective payroll and compliance without any third-party issues. 

Together, the markets can support one another by strategically developing partnerships to achieve successful global business outcomes. 

The Integrated Solution: A Deep Dive

1. Payroll calculations 

Papaya Global supports businesses in onboarding new employees and contractors, working with over 160 countries to ensure compliance and automation are followed throughout the process. 

2. Treasury-grade payout

With AKT embedded into the SAP systems, businesses can now:

• Automate multi-currency disbursements (ACH, SEPA, SWIFT)
• Real-time FX execution, such as competitive rates 
• Access to services such as virtual IBANs, global banks and pooling
• Maintain a personalized dashboard for tracking funding movements. 

3. Seamless SAP combination

Combined solutions that work with SAP environments can help eliminate manual reports and ensure all data provides accurate audits. 

4. Compliance and security 

With global businesses, the need for regulations such as GDPR and SOC 2, Papaya and AKT ensured that data privacy and security are maintained for both payroll and payments. 

Key Benefits for SAP‑Powered Enterprises

This partnership between two enterprises can offer many benefits and valuable propositions:

• Centralized payments 

One platform to help manage cross-border payments for full-time employees, freelancers and outflows, helping to eliminate any fragmented systems. 

• Automation 

Once payroll is finalized, payments automatically work with AKT without the need for human intervention, helping to save time and reduce errors. 

• Transparency

Supporting businesses with fund allocation, virtual accounts and liquidity pooling to allow flexibility over cash flow without additional banking relationships. 

• Treasury capabilities

Integrated with compliance regulations across 160+ jurisdictions, along with data protection regulations to keep business operations secure. 

• Security 

SAP customers can experience ready-to-go workforce payments systems with the support of existing HR/payroll systems without extensive issues. 

The partnership between the two businesses offers numerous benefits that support international companies in payroll and payments across different countries. This ensures business expansion can continue to grow and support business operations. 

Use Case: A Tech-Enabled Manufacturer

Let’s consider a U.S high-tech manufacturer working with employees, contractors and freelancers across Europe, America and Asia, currently using SAP HR and Finance systems to work with local payroll vendors. 

Before integration:

• Payroll data is processed manually from each vendor
• Lack of visibility with cross-border payment regulations
• Variable payment timelines and FX execution quality 
• Complex reconciliations, such as local bank fees

After working with Papaya and AKT:

• SAP HR offers global payroll through Papaya
• Single-click funding allocation with AKT within multiple currencies
• Treasury reports on cash positions and payment statuses 
• Audit trails which connect SAP payroll to payment execution. 

Next Steps for SAP Customers

If your business uses SAP and is exploring many modern global payroll and payment systems, here’s what to do next:

• Book a discovery call to understand Papaya’s SAP integration and how it can be tailored to your use cases and payroll systems.
• Pilot fund via AKT to look into FX savings and benefits for one region or payment types
• Refer to the SAP integration guide, which outlines specific steps, data requirements, and best practices to follow.
• Expand globally after a successful pilot, whether you want to work with contractors or employees. 

Why It’s Timely

This partnership reflects many trends helping to reshape many workforce operations:

• Globalization

Many businesses often work with remote teams across many countries, and ensuring you have the correct payment solutions in place is vital. 

• Rise of non-employee labor 

With project-based work models growing, streamlined payments are essential for cross-border payment solutions. 

• Treasury modernization

Companies that are optimising cash flows and treasury functions can reduce costs and improve visibility across borders. 

• Embedded fintech

Embedding the right treasury and payment systems inside HR systems is vital for staying ahead of different markets. 

In Summary

The Papaya + AKT partnership is a practical, SAP-centric solution that supports businesses with payroll calculations, compliance, and payments all under one streamlined platform. Companies can benefit from automation and transparency in cash control and regulatory compliance, all without the complexity of systems involved. 

For SAP-powered businesses, this represents a new opportunity and a strategic move towards achieving success.