What Happened
In mid-July 2021, Immedis announced the availability of Immedis Pay, an automated solution for organizations to manage cross-border payments to their beneficiaries, including employees, tax authorities, and statutory third parties. Built on the foundation of everywhere-local expertise in global payroll, Immedis Pay gives companies local payments expertise across the globe to simplify payments, increase accuracy, and eliminate challenges with compliance. Cost savings from the use of Immedis’ network of API-connected local payment network providers and banking partners are significant. Immedis Pay currently delivers 99.98 percent error-free payments in 145 currencies across more than 200 countries.
Background
As part of its global payroll offering, Immedis has been expediting payments for customers since the vendor’s inception in 2016. The coincident expertise and global reach put Immedis in a strategic position to solve challenges of international payments for growing organizations—from security, accuracy, and compliance, to complexity, risk, and cost. Built from the start on the best in new cloud technology (i.e., Amazon Web Services), Immedis Pay is integrated right out of the box with tier-one application platforms for enterprise resource planning and human capital management.
Immedis Pay delivers value directly from Immedis’ existing network of banks, in-country payment services, and relationships with local taxing and regulatory authorities, provides capabilities in more than 200 countries, and supports 145 global currencies. Direct debit capabilities are available in 43 countries (a significant advantage over competitors who, comparatively, offer this in far fewer), and a range of funding options via local payment networks further expands their leading global reach.
Immedis Pay not only simplifies remittance processes, but also offers compelling funding flexibility that can significantly reduce complexity and cost from the banking and treasury side. The solution accomplishes all this while reducing costs and improving security, compliance, and reporting.
Download the full 3Sixty Insights Market Alert: Market Alert – Immedis Pay Reengineers the Way Companies Remit Cross-Border Payments to Employees, Tax Authorities, and Statutory Third Parties