This is a decentralized Global Payroll Portal that allows global entities to exchange private, encrypted, secured data with international payroll vendors using blockchain technology. As an alternative payroll solution, HorusPay offers distinct benefits. With HorusPay, global entities can: Eliminate the middleman. By eliminating legacy payroll providers and aggregators, global entities can avoid high fees and inefficient, triangulated communications. Choose in-country vendors.
HorusPay is the only Global Payroll Portal that allows global entities to bring their own payroll provider—letting them select the best vendor. Use one global portal. Global entities can standardize the payroll process and reduce their workforce by consolidating their efforts with HorusPay’s Global Payroll Portal. Streamline paying employees. Global entities can streamline payroll by paying employees with cryptocurrency.
In the future, recipients will be able to convert cryptocurrency into fiat currency. Integrate with common Human Capital Management (HCM) systems. In the future, data will flow automatically from HCM systems to the HorusPay portal—reducing errors and delays. HorusPay is set to be the first Global Payroll Portal using blockchain technology and cryptocurrency— revolutionizing the way global entities pay employees.
This outlines the problems with legacy global payroll providers and aggregators, the HorusPay solution, the token model, and the core benefits of using blockchain and HorusPay for global payroll.
Global payroll is a common headache for global entities. The current system is complex and faulty because it’s plagued by obscure laws and regulations, inefficient communications, and middlemen who strive to simplify global payroll, but complicate it further. When a company outsources payroll to a global payroll provider or aggregator, the entity experiences four common problems.
Low quality vendors with high fees The vast majority of organizations that use legacy global payroll services don’t contract with a global payroll provider, they contract with a global payroll aggregator. These aggregators are incentivized to hire the lowest bidder in each country rather than the vendor that provides the best service.
Inefficient, error-prone communications These aggregators relay questions and requests from the global entity to the local payroll vendors. These triangulated communications can lead to missed messages, incorrect translations, and payroll data entry errors. In other models, global entities are asked to create and use customer relationship management (CRM) shared inboxes.
Security concerns Even payroll giants that spend millions of dollars on security cannot fully protect payroll data and information. Many global payroll providers have been hacked. For instance, as reported in 2016, cyber thieves stole employee tax and salary information from a dozen companies that use a leading global provider of cloud-based HCM solutions4 .
HorusPay Payroll Vendor Access Any payroll vendor can use the HorusPay Global Payroll Portal for free if they agree to accept Horus dollars as payment (from token holders) in exchange for payroll services. This requirement will only be enforced in countries with Horus dollar liquidity (i.e. the payroll vendor can immediately exchange Horus dollars for fiat currency when they are paid). The alternate option is for vendors to acquire 1000 Horus dollars Payroll node. Once a vendor has access, the vendor can exchange data with multiple clients and be listed in HorusPay’s International Payroll Vendor Marketplace (details in section 3.4.3) for the lifetime of the Payroll node.
Eliminate the middleman This application will deliver on the core functionality—enabling direct and secure communication of payroll information with incountry payroll vendors. Global entities will be able to bring their own preferred payroll vendor or adopt a fully vetted HorusPay partner vendor.
Integrate with HCM systems It will deliver on key connectivity components. This will allow data to automatically flow from HCM systems to the HorusPay Portal. The payroll team will no longer need to manually enter data for each country. The data can be reviewed by the assigned payroll specialist and once approved, it will be visible to the in-country payroll vendor for processing.
Disburse payroll using cryptocurrency (Optional) In phase three, HorusPay will enable a cryptocurrency payroll disbursement option. HorusPay strives to be the first enterprise-ready global payroll portal with cryptocurrency disbursement. This eliminates the wait time and cost associated with current international transaction options like wire transfers and ACH transactions.