Payroll Vendor Management Can Be a Costly Distraction for Multinational Banks and Financial Institutions

Multinational banks and other financial service providers typically require annual re-certification for all their payroll suppliers, in every country in which they operate.  This ongoing recertification burden is an costly and labour-intensive distraction. 

Other critical issues we have encountered include – 

  • Each payroll vendor has a different set of SLA’s and a different escalation process.  This inconsistency is inconvenient, and time consuming to manage. 
  • Each payroll vendor needs to be integrated to the corporate finance system.  This creates change management issues when, for example, new cost centres are added, as the information needs to be communicated to and implemented with all these third parties. 
  • Some financial institutions need to centralise the payroll payments to a single point 
  • Impersonal and costly service from larger multinational payroll providers 

Humanica Asia can provide a turnkey solution to these complex problems.  We provide payroll outsourcing services across multiple countries, and can include all locations in a single contract if required.  We can provide – 

  • Payroll service for multiple countries 
  • Committed SLA and escalation process across all countries 
  • Common HR platform across all countries 
  • Integration to finance system as required 
  • Centralised payroll payment if required 
  • Friendly and reasonably priced service 

To learn more about Humanica’s payroll services, please reach out to the author of this article, Matthew Pearson, at matthew.p@humanica.com 

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