Visa establishes standard for payroll accuracy and compliance
"With CloudPay we introduced an automated and efficient end-to-end process from information upload through to employee pay. This process is less error prone, fully auditable and most importantly, accurate.”
- VP of EMEA Payroll
Hindered by manual processes and complex workflows, Visa sought an efficient, integrated solution for payroll and human capital management. By implementing CloudPay’s certified Workday integration and introducing automated workflows, Visa reduced reliance on manual interventions and achieved accuracy and compliance goals. Today, all of Visa’s European payroll data is authorized and validated through APIs and algorithms, and automatically processed with minimal manual intervention and a full audit trail.
Visa is a global payments technology company, connecting and enabling consumers, businesses, banks, and governments in more than 200 countries to use digital currency.
Industry: Financial services
Use Case: Unifying payroll and HR processes
Employees: ~3.5k
Countries: 28
HCM: Workday
HIGHLIGHTS
Integrated payroll and HCM
Automated payroll workflows
$250k saving on payroll vendors, processing, and software
$180k saving by implementing Workday certified connectors
THE CHALLENGE
With many international companies involved in Visa Europe’s operations, managing payroll meant navigating a broad range of processes, expectations, and requirements. Visa Europe’s payroll team had to liaise with different bureaus to deliver payroll, leading to inefficient, manual processes and checks. Visa Europe sought to:
Streamline payroll and human resources across their global footprint
Create efficient, standardized data and processes that could replace manual workflows
Provide greater visibility into data processing and a full audit trail to aid compliance
Visa Europe also wanted a seamless integration between HR and payroll to achieve accurate, secure data management and processing. Understanding the need for a completely new approach to both functions, the company partnered with Workday and CloudPay to re-imagine their HR and payroll processes.
THE SOLUTION
Together, Visa Europe, Workday, and CloudPay devised a project plan to eliminate manual processes and data hand-offs between HR and payroll. The entire payroll process was redesigned to be less error-prone, fully auditable, and accurate.
CloudPay’s certified Workday integration enabled payroll data to be transferred directly from the Workday platform into CloudPay
Automated workflows enabled an efficient end-to-end process, from information upload to employee payment
The integrated solution included rigorous compliance controls and a complete audit trail, which was fully automated and accessible in real time
Each country had a defined project plan, enabling Visa Europe to meet scheduled delivery dates through coordinated team activity
The project also introduced online payslips to more than 25,000 employees and incentivized staff to use the self-service HCM platform to maintain their personal data.
RESULTS
Visa Europe’s one-of-a-kind payroll project delivered a sophisticated, integrated HR and payroll solution that supports the organization’s future goals. Visa Europe’s achievements include:
Significant improvements across both HR and payroll and transformed electronic payment processes across 28 countries
Payroll data that is authorized and validated online, and automatically processed
Greater oversight of payments and improved reporting with data extracted from their HCM platform
Comprehensive, automated financial reporting across the region e.g. via automated General Ledger entries
Compliant global payroll and payments that meets SOX standards for statutory and third-party payments
Becoming the first company in Europe to deliver the certified payslip interface on Workday for multiple countries
Using new KPIs like first-time approval rates to better understand their payroll performance
