Papaya Global has partnered with Sumsub, a provider of full-cycle verification and compliance solutions, to enhance security for its payments.
This collaboration aims to integrate AI-powered automated solutions for secure verification and fraud prevention, while ensuring regulatory compliance.
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It is said to enhance Papaya Global’s capabilities in facilitating compliant payment transfers for companies and their workforce.
Papaya Global Product SVP Amit Levi said: “When you enable global workforce payments, as we do at Papaya, thorough compliance and security is a top priority. Anything less than that simply isn’t acceptable when serving enterprise clients. With Sumsub, we can take our compliance engine to the next level and deliver at scale, supporting our clients and their employees.”
Sumsub CEO and co-founder Andrew Sever stated: “Partnering with Papaya Global is yet another big milestone for Sumsub in our mission to create a safe, accessible and people-friendly digital future. By providing seamless onboarding and compliant verification for users and businesses, we are supporting Papaya Global in its goal to make global payments fast, secure, and efficient. We are truly looking forward to seeing the results of our partnership.”
Papaya Global is said to be the first SaaS company to offer its own licenced payments platform, developed in partnership with J.P. Morgan.
With significant backing from investors, Papaya Global has raised over $450m to date, most recently achieving a valuation of $3.7bn.
Papaya Global, known for its platform that supports global workforce payments, enables companies to pay workers compliantly in the local currency of over 160 countries.
The company’s payment services are delivered through Azimo, Papaya’s licenced payments arm.
Azimo is a payment services provider regulated in five Tier-1 jurisdictions.
Last month, Sumsub partnered with Clara, the solution in Latin America for corporate expense management.
