PaySpace Emerges Victorious at Global Payroll Awards 2024.

/ Cyber Security / By

PaySpace, a trailblazer in modernizing local and global payroll software, has been honored with the Transformation Project of the Year award. The award-winning project successfully implemented and integrated advanced payroll and human capital management (HCM) services for a major financial institution, spanning 50,000 employees across 45 legal entities in 8 countries.

First African based partner

In partnership with Workday and the financial organization, this initiative replaced the group’s on-premise ERP/HCM solution with Workday for HCM and PaySpace for Payroll. Notably, PaySpace is the first African-based partner of Workday Global Payroll Cloud Certified (GPC).

The overhaul of the group’s human capital management via Workday and payroll implementation by PaySpace represented a highly intricate, technical, and phased project. By automating 95% of integrations, PaySpace successfully eliminated manual data entry and error correction, resulting in reduced labor costs and enhanced accuracy. This transformation also ensured strict compliance with governance processes within the major financial service provider.

Success through collaboration

PaySpace worked closely with a leading financial institution and Workday to navigate numerous complexities inherent to such sensitive and vital systems, including:

  • Bridging the gap between Workday and PaySpace’s implementation methodologies. PaySpace’s innovative approach involved developing a custom data balancing tool to handle massive data volumes exceeding traditional spreadsheet limitations.
  • Enhancing Payspace’s integration to accommodate Workday data snapshots. PaySpace delivered a fully secure data migration directly from Workday in under 36 hours, saving up to 8 weeks’ manual work for all teams.
  • Delivering a decoupled go-live, with Workday preceding PaySpace. PaySpace’s flexibility adapted the typical project approach and addressed this requirement by applying pragmatic alternatives.
  • Implementing innovative solutions for data validation and integration with legacy systems and in-house data warehouses. PaySpace addressed these issues by leveraging its powerful API layer.

A win for enterprise technology

The scalability of PaySpace’s cloud-native solution eliminated the necessity for costly infrastructure upgrades, resulting in significant long-term cost savings for the financial group. This achievement marks a monumental milestone in the modernization of HR and payroll systems for large enterprises.

PaySpace CEO, Warren van Wyk, says “This project was anything but ‘business as usual. As with many complex, large, and entrenched enterprise systems, there was much to be gained but also a lot at stake and many moving parts. Additionally, this wasn’t an upgrade, it was a modernisation that required new changes and inherent risk. In most cases, a global enterprise would rather let sleeping dogs lie and not mess with those systems. But this enterprise customer knew it could gain significantly from this investment despite the potential turmoil, and Workday and PaySpace made it happen.”
“We believe in the power of modern, cloud-native systems to revolutionise the payroll and human resources space, and our success for one of the major financial institutions shows why it’s the future of enterprise technology. Winning the award for Transformation Project of the Year caps a fantastic achievement, and I thank the Global Payroll Awards, our payroll peers, the financial group, and Workday for helping us achieve such recognition.” says Van Wyk

PaySpace aims to revolutionize modern payroll by shifting from standalone software to integrated enterprise solutions that cater to multiple departments and thousands of employees. This transformation unlocks new opportunities for accessibility, cost savings, and innovation, including automated updates and compliance with regional payroll legislation, alongside Pacey, PaySpace’s employee self-service WhatsApp chatbot.

In 2024, Deel, the world’s foremost provider of payroll and compliance solutions, acquired PaySpace. This acquisition positions PaySpace to deliver even greater payroll success to businesses worldwide, ensuring their future readiness with cloud-native Payroll & HR software.

Source: https://www.itnewsafrica.com/2024/07/payspace-emerges-victorious-at-global-payroll-awards-2024/