The Advantage of Embedded AI

Across the globe, 2023 was a breakout year for Artificial Intelligence (AI). Seemingly overnight, AI became a buzzword that decision-makers want to hear when they are making large investments or substantial software purchases.

According to research, 81% of HR leaders have either explored or implemented AI solutions for improving efficiency (download source) . A whopping 92% of finance leaders expect to employ AI within the next two years.

Not surprisingly, just about every company in the payroll and payments industry began touting its AI capabilities – presumably to demonstrate how advanced and forward-facing they are.

But in just about every case involving payroll, the AI that companies are using is an external form of the technology, such as a smart chatbot.

That’s not technology built into their platforms. It’s “add-on AI.” It lets companies claim they have AI without using it to make your payroll more accurate or efficient. It uses the AI name but not the capability.

With AI chatbots, you can ask about tax rates in different countries, or the average salary for a senior front-end developer and get a fairly good answer. But as most AI users now know, AI models can hallucinate, providing you with answers that sound correct, but are not exactly true – questioning how much trust one can place in chatbots alone. And at the end of the day, it’s AI that won’t improve your operations, or the quality of your payroll calculations, create standard data formats, and validate your data for you – because the AI does not go into the process, only the surface.

Papaya AI is embedded into the platform

In contrast to the payroll chatbots and other external forms of AI being adopted by payroll companies, Papaya has AI built directly into its core. That means Papaya is using AI for your benefit.

It’s part of Papaya’s payroll processing, payment delivery, and data validation. You see the advantages – quick and precise data mapping and standardization, payroll accuracy, and payment funding predictions – but you never see the AI itself.

Ultimately, that’s the real test for AI-driven payroll. Does it help you achieve the real goal – payroll that’s more accurate and efficient? Are there measurable outcomes?

How Papaya AI makes your payroll and payments more accurate and efficient

Papaya’s AI permeates the entire payroll and payments operation – from onboarding to cross-border payment delivery. For Papaya, it is the level beyond automation, making it possible to sync data seamlessly, ensure its accuracy and consistency, and turn it into actionable advantages.

It covers three essential aspects of the process:

1. Data

Document ID – Identifies gross-to-net reports and payslips loaded to the platform in order to distribute the information efficiently. Payslips are delivered faster and with less effort.

Data Standardization – Recognizes documents, such as gross-to-net reports, and translates different formats into standardized data fabric. Standardization reduces manual work and produces quality global data that provides strategic insights.

2. Connectors

Information Mapping – Syncs between your HCM or HRIS systems and Papaya’s Platform, mapping all data and matching into the proper fields. The function is quicker and more accurate than regular automated processes.

Data Validation – Cross-checks data throughout the payroll and payment process, ensuring accuracy and consistency across all locations. Any discrepancies are flagged early in the process, resulting in error-free payroll.

3. Payments

Delivery Optimization – Identifies the most efficient payment rails for each payment based on cost and speed. The system carries out ongoing simulations to detect obstacles in advance and ensure on time delivery.

Payments Predictions – Calculates costs in advance, including FX fluctuation to produce accurate cost predictions, significantly reducing the size of deposits Papaya requires for payment delivery.

Of course, Papaya’s use of AI is safe and secure. All of our LLM processing takes place within Microsoft’s Azure cloud environment. The AI does not store or share your data, so there are no issues over data privacy.

Demand AI that makes a difference

These days, AI is everywhere – or so it seems. There isn’t much AI in the payroll and payments world. Can we even call it payroll AI, if it doesn’t make payroll and payments more efficient?

If the AI is not embedded in the product itself, it won’t improve your payroll and payments operations. It’s not really payroll AI. It’s the same old payroll – with a digital assistant that can help you with some secondary tasks.

Papaya gives you real AI with measurable advantages.

Find out how Papaya’s embedded payroll AI can help you reach new levels of efficiency. Schedule a demo today.