Payroll solutions provider Immedis has launched an automated cross-border payments offering for its beneficiaries including employees, tax authorities and statutory third parties.
Dubbed Immedis Pay, the new solution is designed to streamline global payments processing with full automation across the entire payment process.
The automation efficiencies of the solution are said to help organisations save time, minimise costs and risk.
They ensure that the beneficiaries are paid on time in over 200 countries and 145 currencies, noted the vendor.
Immedis Pay will be launched in the market immediately as a packaged solution with global payroll as well as a standalone offering.
Immedis chief product officer Richard Limpkin said: “Managing global payments is extraordinarily complex and prone to error due to the fragmented manual processes across many touchpoints that most organisations use today.
“This not only causes delays and raises costs, but also exposes organizations and their employees to the risks associated with fraud, security breaches, and compliance violations. We created Immedis Pay to solve these problems and we’re thrilled to announce it’s now available to the market.”
Claimed to operate with 99.98% error-free rate, Immedis Pay offers Direct Debit (pull) funding options in 43 countries.
It also provides funds in single currency for multiple countries as well as in local currencies.
Furthermore, Immedis Pay is said to have comprehensive reporting and reconciliation capabilities built into it to deliver audit trails needed for mandatory reviews and regulations.
This solution is also designed to expel tedious and error-prone tasks such as setting up wire templates, performing manual reconciliations post-transaction, and emailing approvers.
Besides, it can help organisations eliminate extra costs linked to payment transfers by utilising Immedis’ network of API connectivity to local payment networks in 100 countries via its banking partners.
Recently, digital payments firm KyckGlobal partnered with payments and currency risk management solutions provider moneycorp to introduce a cross-border payments solution for US-based firms.