Remote simplifies global payroll with fintech solutions

Payroll systems that businesses use are outdated.

One of the primary hurdles in global payroll management is the localization of existing systems, as many payroll systems are designed with a single-country focus, complicating global operations due to the need for multiple localised solutions.

James Ramsay, Principal Product Manager at Remote, said that this often results in operational inefficiencies and increased opportunities for error as businesses attempt to synchronise disparate systems. 

"The challenge for integrating payroll is that most of the systems...haven't been designed [for a] global environment," Ramsay explained. Remote's global HR platform offers a solution by providing a unified platform for payroll processing, ensuring timely and accurate payments across borders.

He added that cross-border payments and currency exchange are significant concerns for multinational corporations operating in the region. 

Ramsay highlighted the role of fintech in streamlining these processes, allowing businesses to focus on their core operations rather than the intricacies of international payroll and currency management. 

“Most businesses have cash flow, and therefore you'll have to plan around how to move that money around out of Singapore, into the local payroll in season for China. So a platform like Remote can manage all that for you,” he said.

To enhance the user experience for both employers and employees, Remote has developed innovative features aimed at making global payroll solutions more accessible and user-friendly. 

Ramsay pointed out the importance of simplicity and ease of use, noting that Remote offers a mobile application for employees to submit expenses, time off, and timesheets effortlessly. 

Additionally, the platform provides tools for employers to monitor payroll costs and manage employees and contractors across different currencies, further emphasising the commitment to transparency and user satisfaction.

Ramsay also discussed the potential of AI to transform payroll processing by detecting and correcting errors proactively, thereby increasing efficiency and accuracy.

“There's lots of potential AI and machine learning to increase the efficiency and accuracy by detecting and identifying errors earlier and sooner. Remote is applying AI and machine learning in lots of different ways,” he said.