[Global] World-first payroll service for all statutory and tax requirements in 95 countries

Navro - a London-based fintech that simplifies international payments for businesses - has announced the launch of its Statutory & Tax service. The comprehensive payments and compliance solution is capable of processing statutory payments and tax deductions alongside payroll and pension payouts. 

Navro’s Statutory & Tax service is reportedly a world first. It fulfils all statutory data requirements – which can widely vary across different jurisdictions – together with payment processing.

The task of fulfilling statutory and tax payments, administration and reporting requirements, alongside payroll payouts for international workforces, is demanding and complex.

Complications in coordinating salary and contractor payments across multiple jurisdictions include varying income tax brackets, country-specific tax breaks and allowances, and a wide range of compliance documentation.

Businesses that outsource their payroll payouts usually rely on a separate provider to handle these mandates. Navro’s Statutory & Tax is the first service available globally to integrate all of these obligations alongside payroll and pension payouts into a single, compliant flow with real-time visibility and proof of payment across markets.

Statutory & Tax will reportedly enable three of Navro’s core client segments – payroll and pension service providers and Employer of Record platforms – to manage all aspects of workforce and pension payouts in 95 countries through one provider. Navro currently processes workforce payouts for over 200 large corporations and executes international payments for approximately 1,700 pension schemes.

The Statutory & Tax service is an addition to Navro’s core capabilities, which enable businesses to deliver net salary and pension payouts in more than 170 countries and 130 currencies.

In addition to integrating statutory and tax requirements into the payments flow, Navro’s Statutory & Tax service delivers other operational benefits, including:

● Compliance and risk reduction – as businesses switch from fragmented, country-by-country obligations to a single, auditable flow for statutory and tax payments, reducing late/failed payments and regulatory risk

● Increased efficiency and automation – with one partner, one flow of funds; pre-run validations (Confirmation of Payee / Verification of Payee global bank checks) and smart routing, reducing returns and rework. Navro Statutory & Tax supports International Payment Identity (iPiD), a process to verify the identity of a payee before a transaction is completed, in more than 100 countries

● Greater control and visibility – with real-time status, reason codes, and downloadable Proof of Payment (PoP) for authorities and employees, improving reconciliation and audit readiness

● Faster, more reliable transactions – which leverage local rails and curated networks to improve success rates, reduce hidden deductions, and accelerate settlement where supported

● Scalability across borders – with customers able to expand to new markets without adding local bank accounts or providers, and managing employees, contractors, and authorities through one platform.

Aran Brown - CEO of Navro - said, “Global payroll isn’t complete until authorities are paid. Navro solves the ‘last mile’ of workforce payouts by integrating statutory and tax payments into the same payment run – on time, in full, with complete visibility.”

Source: Navro

Navro - a London-based fintech that simplifies international payments for businesses - has announced the launch of its Statutory & Tax service. The comprehensive payments and compliance solution is capable of processing statutory payments and tax deductions alongside payroll and pension payouts. 

Navro’s Statutory & Tax service is reportedly a world first. It fulfils all statutory data requirements – which can widely vary across different jurisdictions – together with payment processing.

The task of fulfilling statutory and tax payments, administration and reporting requirements, alongside payroll payouts for international workforces, is demanding and complex.

Complications in coordinating salary and contractor payments across multiple jurisdictions include varying income tax brackets, country-specific tax breaks and allowances, and a wide range of compliance documentation.

Businesses that outsource their payroll payouts usually rely on a separate provider to handle these mandates. Navro’s Statutory & Tax is the first service available globally to integrate all of these obligations alongside payroll and pension payouts into a single, compliant flow with real-time visibility and proof of payment across markets.

Statutory & Tax will reportedly enable three of Navro’s core client segments – payroll and pension service providers and Employer of Record platforms – to manage all aspects of workforce and pension payouts in 95 countries through one provider. Navro currently processes workforce payouts for over 200 large corporations and executes international payments for approximately 1,700 pension schemes.

The Statutory & Tax service is an addition to Navro’s core capabilities, which enable businesses to deliver net salary and pension payouts in more than 170 countries and 130 currencies.

In addition to integrating statutory and tax requirements into the payments flow, Navro’s Statutory & Tax service delivers other operational benefits, including:

● Compliance and risk reduction – as businesses switch from fragmented, country-by-country obligations to a single, auditable flow for statutory and tax payments, reducing late/failed payments and regulatory risk

● Increased efficiency and automation – with one partner, one flow of funds; pre-run validations (Confirmation of Payee / Verification of Payee global bank checks) and smart routing, reducing returns and rework. Navro Statutory & Tax supports International Payment Identity (iPiD), a process to verify the identity of a payee before a transaction is completed, in more than 100 countries

● Greater control and visibility – with real-time status, reason codes, and downloadable Proof of Payment (PoP) for authorities and employees, improving reconciliation and audit readiness

● Faster, more reliable transactions – which leverage local rails and curated networks to improve success rates, reduce hidden deductions, and accelerate settlement where supported

● Scalability across borders – with customers able to expand to new markets without adding local bank accounts or providers, and managing employees, contractors, and authorities through one platform.

Aran Brown - CEO of Navro - said, “Global payroll isn’t complete until authorities are paid. Navro solves the ‘last mile’ of workforce payouts by integrating statutory and tax payments into the same payment run – on time, in full, with complete visibility.”

Source: Navro