Paycom Europe Limited, a subsidiary of Paycom Software, Inc., has secured authorization as a Payment Institution (PI) from the Central Bank of Ireland (CBI), a move that enables the company to broaden its payroll services across Ireland and the European Economic Area (EEA).
This authorization allows Paycom to process payroll directly for clients within the EEA, eliminating the need for third-party integrations. The company plans to leverage its proprietary, single-database payroll software, including its automated payroll tool, Beti®, which utilizes live employee data to initiate payroll each period, automatically identifying errors and guiding employees to correct them before submission.
“This authorization underscores our commitment to upholding the highest regulatory standards of compliance and security in the European market,” said Bob Foster, chief financial officer of Paycom. “As Paycom expands its global footprint, we remain dedicated to simplifying and automating complex processes and driving operational efficiency for our clients.”
Also Read: TrueComp and Carahsoft Collaborate to Enhance Public Sector Workforce Analytics
The CBI serves as the competent authority in Ireland for the authorization and supervision of payment institutions under the European Union (Payments Services) Regulations 2018. To become an authorized PI, firms must meet several regulatory requirements demonstrating operational viability, financial stability, and compliance capability.
With this license, Paycom joins a select group of 26 companies authorized by the CBI, positioning itself to offer secure and compliant payroll services throughout the EEA. The company’s expansion into Europe follows its 2023 launch of Global HCM™, which enables organizations to manage their workforce across more than 190 countries and nearly 20 languages and dialects.
Paycom currently provides products to organizations in the U.S., Canada, Mexico, the U.K., and Ireland. This latest development marks a significant step in the company’s efforts to enhance its global presence and offer comprehensive payroll solutions to a broader client base.
