Global payments are complex. I’ve worked in the sector for many years now, and two things continue to amaze me: the variability and complexity of paying individuals across the globe, particularly as it comes to paying earned wages to employees and contractors.
Eliminating the challenge of global payments is why we developed Immedis Pay, a fully managed payment solution that is another step on our journey to touchless payroll. We deliver payroll and tax payments to over 200 countries, remit payments in over 145 currencies, process tens of thousands of recurring transactions every month, and operate with a 99.98% error-free rate. Immedis sends people payments via low-value, in-country payment rails to ensure full value delivery into local bank accounts on the specified pay date.
This means that organizations get a complete, automated, end-to-end payments offering that establishes a single central hub for all their payroll payment and reporting needs.
How Immedis Pay works
We take you through each stage of the payments process, from funding to delivery into the local bank account.
There are 4 steps:
Step 1- The organization approves payroll
Step 2- Immedis books payments and initiates funding
Step 3 –The funds are pulled from the organization’s specified account
Step 4- Local payments released to people, tax authorities, and relevant third parties.
We send payments to:
• People– Employees, Expats, Contractors
• Statutory parties– Local authorities, third parties, pension
• Local partners– Third-parties, payroll partners
We offer a comprehensive selection of funding options:
• Direct pull from 43 countries
• Reverse wire for US customers
• Wire transfer from customer’s bank accounts
How Immedis Pay improves the global payments process
First off, Immedis uses a proven local payment network to deliver full amounts to each beneficiary. To further speed up the process, we have real-time payment rails in several countries. We also evaluate which payments rails work best for each customer and each payroll to ensure that organizations get the best deal. This can mean that one organization may have several providers – each with the knowledge and expertise of their jurisdiction passed along to them.
Payment statuses and per payment reconciliation are available within the Immedis Platform, making it easier for organizations to keep track of their accounts and leave audit trails for future reference. We also generate a GL report that organizations can synchronize back into their Financial Management System- further streamlining the reporting function and enabling greater transparency around global headcount costs.
Plus, one of the key differentiators with Immedis Pay is that it leverages Perpetual
Validation to assess the accuracy and completeness of employee banking information before payment processing to ensure all the data required for a successful payment is present and correct. This is huge as it dramatically reduces the likelihood of error, costly reruns, and, most important of all- unhappy employees. We facilitate employee self-service, meaning that people can update their banking and personal details. Not only does this offer greater data privacy, but it also further decreases the opportunity for mistakes.
Another feature that makes us different is that organizations can use the Immedis Platform’s reporting capabilities to generate reports that illustrate precisely how much is paid to each employee in both local and a unified currency such as the USD to compare costs across multiple regions.
Why Choose Immedis Pay?
One of the main reasons is that it saves time by taking away much of the manual effort and validating the information as it is entered. With greater accuracy enabled, there is no longer a need for manual inputs, uploads, and corrections. Payroll teams can then utilize this time back to concentrate on workforce strategy and future planning.
With multiple checks in place and the selection of payment partners and rails, we can ensure that individuals are paid directly and on time.
The flexibility of our funding options means that organizations are not tied to one set method and can leverage our multiple offerings to choose the option that best aligns with their interests. We can also ensure that we meet your needs – no matter where in the world they may be and can assist you with some of the more challenging countries.
With Perpetual Validation, we take the concerns about maintaining legislative compliance out of your hands. Not only do we check for incomplete data, but we also ensure that state-mandated requirements are entered. Again, this means that when you run your payroll and the payments are transferred into the various bank accounts- the final payment is accurate.
Finally, as you grow and expand into new markets, we are right there beside you- enabling you to provide a consistent employee experience across your company while remaining compliant in each new jurisdiction.Back to all posts