Paycom Europe Limited, a subsidiary of Paycom Software, (“Paycom”), a leading provider of comprehensive, cloud-based human capital management software, received authorization as a Payment Institution (PI) by the Central Bank of Ireland (CBI). This license presents future growth opportunities for Paycom across Europe.
Paycom Europe Limited’s status as a PI supports the expansion of Paycom’s proprietary, single-database payroll software to Ireland as well as other European Economic Area (EEA) Member States, subject to the fulfillment of certain notification requirements.
Financial Technology Insights: factiiv Launches B2B Platform to Boost Trade Credibility
Paycom Europe Limited’s status as a PI supports the expansion of Paycom’s proprietary, single-database payroll software to Ireland as well as other European Economic Area (EEA) Member States, subject to the fulfillment of certain notification requirements. Only 26 companies hold this authorization from CBI.
“This authorization underscores our commitment to upholding the highest regulatory standards of compliance and security in the European market,” said Bob Foster, chief financial officer of Paycom. “As Paycom expands its global footprint, we remain dedicated to simplifying and automating complex processes and driving operational efficiency for our clients.”
Financial Technology Insights: Vista Bank Appoints Bob Mahalik as SVP for M&A Strategy
Global payroll companies traditionally rely on third-party integrations to meet the payroll needs of international clients. Paycom’s authorization from the CBI permits the company to handle its own payroll processing for clients in EEA Member States, including the use of its automated payroll tool, Beti. The revolutionary payroll experience uses live employee data to self-start payroll each period, automatically finding errors and guiding employees to fix them before payroll submission.
Financial Technology Insights: Kintsugi Gets Strategic Investment from Vertex
The CBI serves as the competent authority in Ireland for the authorization and supervision of payment institutions under the European Union (Payments Services) Regulations 2018 (PSR). To become an authorized PI, firms must meet several regulatory requirements that demonstrate, amongst other matters, operational viability, financial stability and compliance capability. This authorization demonstrates Paycom’s dedication to providing payroll services in a secure and compliant manner.
Paycom currently offers products to organizations in the U.S., Canada, Mexico, the U.K. and Ireland. These expansions followed the 2023 launch of Global HCM, allowing companies to manage their entire domestic and international workforce across more than 190 countries and nearly 20 languages and dialects.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com
Source – businesswire
