Strada has announced a strategic alliance with Navro to streamline global payroll operations by combining payroll processing and payments into a single integrated platform. The partnership will enable multi-national organizations to process payroll across numerous countries more easily, increase transaction visibility, and ensure compliance.
In payment execution, all the preceding steps of global payroll traditionally are handled by different entities and systems: payroll calculation and compliance are performed by payroll systems, salary payment itself is done using local banks, and statutory payments are processed with various financial entities. Through Navro’s payments platform Strada is now enabling companies to run the full process end-to-end in a single integrated system.
The integrations will enable payroll payments to be made anywhere to anywhere in 95 countries, where organizations will use Strada’s solutions to over the road for employee and contractor wages, tax remittances, and third-party allocations. Strada’s manages roughly $ 1.4 trillion in payroll for over 11 million employees regularly throughout the source, and the firms hope to enhance its capacity to deliver end-to-eef payroll service at the immense scale.
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“Payroll is not complete until people are paid and taxes are remitted. For many organizations, this final stage remains the most complex and fragmented, involving multiple currencies, payment methods, and local bank accounts,” said Colin Brennan, CEO of Strada. “By partnering with Navro, we extend our payroll services into payments, acting as a flexible extension of our clients’ payroll, Treasury, and Finance teams by automating the manual work created by country specific files, reporting, and local legislative requirements. This enables our customers to manage payroll through a single provider and ensures the process runs end to end, from payroll calculation through to confirmed payment, at global scale.”
The partnership aims at simplifying administration, improving compliance management, and offering organizations a live look at their payroll processes and payment flows. The partnership has been seen by industry experts as one of the moves towards the development of global workforce management systems that will integrate payroll, compliance management, and payments.
