CloudPay Stars in Everest PEAK Assessment

CloudPay has been recognized as a Star Performer (EMEA) and Major Contender (Global) in the 2023 Everest PEAK Assessment of Multi-Country Payroll solution providers. This independent review of vendors across the sector explores strengths and weaknesses in detail, and we’re delighted to have made important progress in our marketplace.

 Being a Star Performer means we’ve made exceptional year-on-year growth and market impact, and demonstrated an unwavering commitment to meeting customer needs across payroll, payment, and pay on-demand with the modern pay experience. But what does this mean in practice? This blog takes a detailed look into Everest’s findings and explores where in particular CloudPay stands out from the competition.

 CloudPay performance in brief

Everest’s assessment comprised three geographical ranges: EMEA, APAC and Global. Across these matrices, we have:

• Improved in both Market Impact, and in Vision and Capabilities, in all three matrices compared to last year
• Widened the gap between ourselves and many of our competitors, such as Papaya Global, Ceridian, Neeyamo and Immedis
• CloudPay is the top Major Contender positioned closest to the Leaders Group both Globally and in EMEA
• Gained a ‘Star Performer’ rating for the EMEA region, meaning we have made as much progress as it’s possible to make from one year to the next

 A closer look at the three matrices individually uncovers the scale of our improvement in 2023. Globally, we have made significant strides and are now closer to the Leaders group than any other provider. This is also the case for EMEA, where our exceptional progress and star performer status underlines how well we’ve been able to serve businesses in the region. As for APAC, we have made progress in both key parameters at a time when many of our competitors have regressed, which demonstrates our adaptability in a challenging and fast-moving business landscape.

 The detail behind the numbers

Everest’s figures have highlighted the spread of the capabilities within CloudPay as an organization, and how we handle vast quantities of business partners and payslips every day. Their figures have shown that:

• 58% of our customers run payroll in at least five different countries
• We process 2.67 million payslips a year, 45% of which are in the EMEA region
• Our customer base is spread across a wide range of industries, although 21% of our partners are in the IT and technology sector
• Our solutions are just as suited to smaller businesses as larger ones

The report then went on to pinpoint several areas where CloudPay has particular strengths, including:

• Integration: we have a strong integration infrastructure, based on technology partnerships with the likes of Workday, UKG, SAP SuccessFactors, Oracle and BambooHR
• Earned Wage Access: CloudPay NOW has gained plenty of interest from existing clients, thanks to its ability to integrate with payroll and other self-service features through our mobile app
• Analytics: Everest singled out our interactive dashboarding capabilities, including report generation with flexible parameter choice
• Payroll process flow: we have improved payroll process flow with automation, reducing the number of steps in approval workflows, and enhancing automatic payslip generation and validation
• Treasury services: our treasury offering goes beyond the industry standard to offer additional features such as cash flow management, short-term funding, and instant salary payments
  
  

In summary

Perhaps the last words should go to Everest Group themselves, and their Practice Director, Sarmarth Kapur: “CloudPay's focus on creating a unified experience by tying together payroll, payments, and earned wage access, on a global scale, aligns well with these changing dynamics and has created a strong differentiation in the market. This distinction, coupled with its robust technology roadmap, and continuous efforts to modernize payroll has helped CloudPay to emerge as a Star Performer in Everest Group’s EMEA Multi-country Payroll (MCP) solutions PEAK Matrix® Assessment, whilst solidifying its position as a Major Contender on the Global and regional assessments.”

 To find out more on how CloudPay can help you transform your approach to payroll, get in touch with us today and learn more about the modern pay experience.