Wise (LSE:WISE) has partnered with Deel on a new service that aims to make payroll processing far simpler and faster. Deel has been a Wise Platform partner since 2019. Deel is a company that enables the hiring and payments services for companies hiring international employees and contractors.
According to a note from Wise, the feature allows customers to send funds to Deel using only an email address. This will open up ten new fiat currencies don’t for the Deel platform, simplifying global payroll for its 10,000+ customers, which includes publicly traded firms as well as SMEs.
Wise explains that currently, Deel must fund certain payroll customers using USD or EUR via a SWIFT transfer to their bank. This takes time and is more expensive. At the same time, it also entails the input of a large amount of employee information in order to initiate their payments.
While Deel streamlines its entire process, the benefits also accrue to recipients as payments can be faster, cheaper, and more efficient service.
Dan Westgarth, Chief Operating Officer at Deel, said the new feature allows more of their customers to use their local currency and local payment system, expanding their capabilities. Westgarth said this is a massive benefit to their customers who utilize Deel – especially employees from overseas.
Steve Naude, Head of Wise Platform, commented:
“This new, more streamlined deposit flow will further transform the experience of managing global payroll for Deel’s customers, allowing employers to compensate their team instantly and conveniently in a currency that makes sense for them. This is among the best examples of how, when we work together, we can build a world of money without borders.”
Wise currently works with over 50 banks and businesses to integrate the Wise into their existing infrastructure, meaning they can embed the best way to send, receive and manage money internationally.