Report: Papaya Global Adds Citi as Sponsor Bank

Payroll payments provider Papaya Global reportedly added Citibank as a sponsor bank, joining the company’s other sponsor, JPMorgan Chase.

The relationship with Citi will enable Papaya Global to expand to new geographic regions, Payments Dive reported Monday (March 10), citing its interview with Papaya Global CEO Eynat Guez.

With the addition of Citi as a sponsor, Papaya Global will keep enhancing its cross-border payments capabilities that currently encompasses 160 countries and 130 currencies, and serves clients in the U.S., Europe, Latin America and Asia, according to the report.

“Multinational organizations simply cannot rely on error-prone manual inputs, capricious data security, changing FX rates, and erratic land dates when paying employees and contractors,” the company said in the report.

Papaya Global did not immediately reply to PYMNTS’ request for comment.

The company said Wednesday (March 5) that it formed a partnership with verification and compliance solutions provider Sumsub, in which Sumsub will offer Papaya artificial intelligence (AI)-powered fraud prevention and verification solutions.

“When you enable global workforce payments, as we do at Papaya, thorough compliance and security is a top priority,” Amit Levi, senior vice president of product at Papaya Global, said at the time in a press release. “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.”

Papaya Global teamed up with cross-border payment platform dLocal in April to enable global firms to pay employees worldwide in local currencies in a timely fashion.

The partnership launched in Latin America, including Chile, Colombia and Mexico; in Asia, including Indonesia and Vietnam; and in Africa, with plans to expand to additional territories.

“The partnership with dLocal is exciting, because it speaks to the core of our mission at Papaya,” Ori Shilo, vice president of business development and partnerships at Papaya Global, said at the time in a press release. “Together, we are reshaping the global payments landscape, ensuring a premium payment experience without borders or compromises, and providing our customers with a strong base for scale and growth.”