95%
Same-day payments
80%
Cheaper than SWIFT
60%
Faster than SWIFT
No more hidden fees
Our solution favors direct local payment routes (SEPA, ACH, etc.) instead of SWIFT, eliminating multiple correspondent banks and additional fees from cross-border payments.
Payments are automatically optimized for speed and cost, with all fees visible upfront.
Your workers are paid on time, every time
Our platform gives you the flexibility to send payments instantly or schedule them for an exact land date, ensuring workers are paid exactly on payday and authorities receive their payment before the due date.
Powered by global
tier-1 banks
Our advanced payment technology integrates directly with J.P. Morgan’s global banking network, offering robust, scalable infrastructure for your operations.
Funds are securely held in segregated J.P. Morgan accounts until payment are made.
Pay your global team in their preferred currencies
Fund in 15 major currencies and pay out in local currency in 160+ countries.
Deliver compliant salary payments to employees in their local currencies, while giving contractors the flexibility to choose their preferred currency on our platform.
Compare Papaya’s local rails vs. bank’s SWIFT transfers:
Capabilities
Settlement Process
Transaction Speed
Correspondent Banks
Fee Structure
FX Rates
Fee Transparency
Payment Delays
Currency Influence on Speed
Payroll Suitability
Statutory payments
Payment Classification
Capabilities
Settlement Process
Local accounts via global top-tier banks; leveraging local payment schemes
Transaction Speed
95% same-day payments;
on average 60% faster than SWIFT
Correspondent Banks
No correspondent banks needed
Fee Structure
Fixed, transparent fees with competitive FX rates
FX Rates
Competitive and cost-effective FX rates
Fee Transparency
Full transparency on all costs upfront
Payment Delays
Mitigates risk of delays due to land-date guarantee based on optimized rails
Currency Influence on Speed
Fast settlement regardless of currency type
Payroll Suitability
Ideal for global payroll:
• Land-date guarantee
• Competitive fee structure
• Better cash flow management with faster payments
• Reliable recurring payments
• Compliant payment classification
Statutory payments
Processed as statutory payments through local accounts; fully compliant with regional payment regulations
Payment Classification
Each payment automatically classified by type (salary, statutory payment, etc.); client clearly linked as payer with full local regulation adherence
Capabilities
Settlement Process
Funds move through multiple banks; cross-border clearing required
Transaction Speed
1-5 business days; can be longer with currency conversion or exotic currencies
Correspondent Banks
75% of transactions require 1-2 correspondent banks, each adding processing time and fees
Fee Structure
Variable fees for each SWIFT transfer:
• Sending bank fees (typically $30-45)
• Receiving bank fees (typically $15-20)
• Correspondent bank fees (variable depending on how many correspondent banks are involved)
• FX markup depending on bank
• Additional fees for tracing, recovery, or cancellation
FX Rates
Banks can charge up to 3.5% markup on FX rates
Fee Transparency
Unpredictable total costs can occur due to multiple correspondent banks
Payment Delays
Delays possible due to bank holidays, time zones, compliance checks, or regulations
Currency Influence on Speed
Major currencies faster; other currencies: longer processing with additional routing
Payroll Suitability
Not recommended for global payroll due to:
• Unpredictable delivery time; potential delays affecting employee payments
• Variable fees
• Higher costs for regular transactions
Statutory payments
Cross-border payments not processed locally; raising regulatory risks
Payment Classification
No salary classification; company may not appear as payer, increasing compliance risks
Boost productivity and performance
Boost productivity and performance, so you can focus on what matters — your business.