Papaya Global launched a dedicated platform designed to help enterprises and managed service providers (MSPs) manage and pay freelancers, consultants, gig workers and independent contractors.
The new Contingent OS platform provides a financial infrastructure that encompasses vendor management systems, payroll compliance, invoice verification and instant global payments, the workforce payments company said in a Tuesday (May 20) press release.
“We’re not just fixing workflows,” Papaya Global CEO and co-founder Eynat Guez said in the release. “We’re building the financial infrastructure for the new world of work.”
Contingent OS is designed to help organizations overcome the challenges they face when managing contingent labor, including compliance risk, manual processes, and limited visibility across human resources (HR), procurement and finance, according to the release.
The platform provides an artificial intelligence-powered classification engine; real-time, self-service invoice payments with same-day delivery in more than 130 currencies; and integration with vendor management systems, time and attendance and enterprise resource planning (ERP) systems, the release said.
It also includes embedded finance tools like pre-invoice funding, foreign exchange (FX) optimization and digital wallets, per the release.
“With this launch, Papaya brings its full FinTech stack to the external workforce,” Papaya Global Chief Product Officer Amit Levi said in the release. “We’re replacing friction with flow — giving enterprises a smarter, faster way to manage and pay the people who power their operations beyond payroll.”
AI is helping companies meet the challenge of compliance in global payroll, where they must deal with the regulations of different countries and regions within those countries, Levi told PYMNTS in an interview posted in April.
“If you have global workforce in 30 locations, each jurisdiction has its own rules and regulations, and you simply don’t have the expertise in-house,” Levi said. “But what we see today is that companies are able to leverage the power of AI to constantly source local regulations and also to effectively surface them.”
Digital wallets and workforce management platforms are also reshaping workforce payment and supporting the dynamic needs of global payroll, Papaya Global Head of Workforce Management Bryan Peña told PYMNTS in an interview posted in March.
“Historically, employer-of-record services and payments have been intertwined, but we’re breaking that up,” Peña said. “We’re giving companies flexibility in how they engage workers and how they pay them.”
