Cloud has been a big enabler for disruption in the HR space. When SuccessFactors was acquired by SAP for $3.4 billion, it became a writing on the wall. Cloud-based payroll platforms are increasingly becoming popular. And it looks like investors consider companies like CloudPay to be great for them. The company raised $16 million in second round funding from Pinnacle Investment Partners, Rho Ventures and others.
CloudPay says that their SaaS (Software as a Service) technology and payroll expertise allows organizations to control, consolidate, process and analyze their global payroll operations with ease. Overall, CloudPay offers its solution to 160 countries, supporting 30 currencies and 26 languages. Some major clients include Siemens, ADB, the Singapore Mercantile Exchange and Education First.
“Globalization and the competitive landscape it fosters are giving rise to borderless organizations. As a result, traditional businesses must modernize and become increasingly multi-national in their approach,” said the company’s CEO, Andrew Pearson. “CloudPay is most often selected because of the efficiencies gained by the use of its centralized SaaS technology to ensure compliance, management control, global visibility, and detailed business intelligence,” he added.
About their Platform:
- CloudPay International Payroll Workflow (IPW) solves the challenges of the management of international payroll, allowing the validation and authorization of payroll data globally, with complete integration with Treasury capability and a full workflow audit trail ensuring SSAE 16 / ISAE 3402 (formerly SAS 70) and Sarbanes Oxley compliance.
- The CloudPay platform is supported and enhanced by a range of services covering implementation, managed services payroll processing and support. It uses workflow and standardized processes to provide efficient and effective global payroll management.
- CloudPay Employee and Manager Self Service enables staff and management to handle a wide range of tasks.
- Payments Management and Processing across the globe, provided in partnership with Citicorp and Wells Fargo, enable local or international ACH or wire transfer payment authorization directly from CloudPay following payroll processing.
- CloudPay provides General Ledger reports that can be used as a standard report or configured to serve your specific requirements, Payment Files, and a range of standard reports and schemas that serve effective payroll operations and integration with business systems.
- CloudPay Single Sign on (SSO) provides automatic integrated CloudPay login capability to fast and easy access and use within the enterprise, consistent with corporate access and control policies.
- A secure online repository and transfer capability is enabled through CloudPay Document Manager, allowing transfer of files and data required for the efficient management of payroll, supported by flexible permissions-based access controls.
On 12th November 2013, CloudPay announced a strategic partnership with Western Union Business Solutions for the release of a joint service offering that ‘sets new high standards for the way multinational organizations compensate their global employees.’
"Payroll is one of the most significant investments a company makes. As more organizations expand internationally, the need to manage global payroll payments efficiently and transparently will also grow," said Kerry Agiasotis, CCO at Western Union Business Solutions. "By working with CloudPay, a leading provider in the global payroll space, we have developed a cutting edge solution that provides clients with a real differentiator that will help them drive success," he added.
"As our two organizations are both on the top of our respective fields and share a commitment to providing multi-national organizations with solutions that deliver greater operational efficiencies, and real cost savings, the decision to partner with Western Union Business Solutions was a clear choice," said Pearson. "Through the solution, we are able to deliver precisely what customers have been asking for -- a comprehensive outsourced global payroll and payments solution that handles the combined payroll and payment function from start to finish."