.svg)
Lindsay Plumb | Sales Development Manager, CloudPay
Over the course of the pandemic, the CloudPay team has worked hard to accelerate digital transformation for our customers.
We’ve ensured that global businesses have been able to pay their staff accurately and on time, wherever and whenever they’re working. We’ve also made sure that employees have been able to access and manage their payroll-related data, and helped employers use analytics and reporting to make payroll a more integral function within their organizations.
Achieving all this has been challenging for multi-country payroll providers across the sector. But we are delighted to confirm that our efforts in this area have been commended in the latest PEAK Matrix report on Multi-Country Payroll, compiled by the Everest Group.
How the PEAK Matrix works
The PEAK Matrix rates a range of different service and technology providers on their capability and market impact. In the case of Multi-Country Payroll, over 20 providers including CloudPay are assessed annually, and it allows prospective customers and partners to compare different providers and identify which will best suit their specific needs and use cases.
Once again, CloudPay has been recognized as a Major Contender among the 22 companies assessed in the report. But additionally, this year CloudPay is one of just three providers identified as Star Performers. This has been driven in no small part by some great numbers:
- 156 solution deals for payroll with organizations operating in two countries or more (25% of which for organizations operating in ten countries or more)
- 10% of our solution deals for organizations with more than 3000 employees worldwide
- Almost 1.5 million payslips processed annually in 2020
CloudPay’s key strengths
In its assessment, Everest Group praised CloudPay’s efforts in three key areas:
- Strong year-on-year growth and market acceptance: through expanding our payroll network to more than 130 countries, we have driven good revenue growth year-on-year, and our market acceptance has become more widespread. This is thanks to our positioning as an employee pay solution with integrated treasury services, integrated pay solutions, and consolidated pay operations
- Right investments made in reporting, analytics and financial wellness: the analytics and reporting functions within CloudPay mean enterprises can gain the deeper people insights and operational benchmarks that they’re looking for. This is especially important in the context of the post-COVID landscape, where employee mental health, financial wellness and Earned Wage Access are in such strong focus
- Focus on integration with payroll ancillary processes and HCMs: CloudPay’s recently-released 2.0 framework enables integration of payroll processes with wider HCM solutions, including the management of other key employee factors such as leave, expenses, and Time & Attendance
Everest also cited the significant outgrowing of our pre-COVID business plan, the use of custom fields and filters to refine the reporting dashboard experience, and the international consistency and ease of training on the platform.
The Everest Group view
CloudPay’s positive performance in the PEAK Matrix has been recognised by the team within Everest Group, who highlighted our continual efforts to expand our global reach as a particular stand-out point.
“CloudPay's ongoing investments and efforts to improve geographical coverage, reporting capabilities, and value-added services such as benchmarking and advanced analytics are well aligned with market needs and expectations,” said Priyanka Mitra, Practice Director of Everest Group.
“Its unique offering of an integrated pay solution has resulted in rapid year-on-year business growth, solidifying its position as a Major Contender and emerging as a Star Performer for the second time in a row on Everest Group’s Multi-country Payroll (MCP) PEAK Matrix® assessment."
To get a more detailed view of why CloudPay stands out in the Multi-Country Payroll marketplace, get your copy of the Everest Group PEAK Matrix report for CloudPay. And to explore everything our platform has to offer, take a closer look here.
