IRIS Software Group and Western Union Partner to serve Global Payroll & Payments Worldwide

Rhea-AI Summary

Western Union (NYSE: WU) and IRIS Software Group have formed a five-year international partnership to deliver streamlined payroll and payment solutions globally. This collaboration addresses the rising need for efficient cross-border payroll services, enabling organizations to manage large volumes of payments effortlessly. With IRIS processing around 20% of the UK's workforce payroll, and Western Union operating across 200 countries, the partnership aims to enhance employee satisfaction and operational efficiency. Both firms emphasize the importance of adapting to global workforce challenges through shared expertise.

Positive

• IRIS processes payroll for approximately 20% of the UK’s workforce, enhancing its market position.
• Western Union's extensive network spans over 200 countries, increasing potential transaction volumes.
• The partnership targets the growing demand for international payroll solutions, indicating future revenue growth.

Negative

• None.

IRIS Software Group, one of the UK’s largest software companies, and Western Union Business Solutions, the payments arm of the Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced a five-year international partnership to offer simplified payroll and payments solutions worldwide.

This partnership will serve the growing demand for world class, cross-border payroll and currency payments for organizations with a global workforce. It allows in-house teams and specialist providers to deliver payrolls in large volumes, furthering employee peace of mind and happiness, wherever they are based.

Over the past year, the location of employees has become less important, but the complexity of different cultures and regulatory environments continues to limit access to global talent pools. Working together, Western Union and IRIS Software Group are seeking to eliminate these barriers for the benefit of all customer stakeholders, with payroll, finance, HR and operational teams now viewing payroll as the hidden gem to employee security and peace of mind, freeing them to focus on their own business.

IRIS FMP is a trusted partner in international payroll, benefits, payments and HR solutions; approximately 20% of the UK’s workforce is paid by IRIS payroll offerings and 90% of the global workforce is covered by IRIS HR and payroll solutions. Western Union Business Solutions equips organisations with the solutions they need to send, receive and manage international payments across an extensive global network spanning 200 countries and territories.

David Munn, Director of International Payroll Services for IRIS Fully Managed Payroll (FMP), said, “Working with a trusted partner brings swathes of security for customers, as both parties understand the challenges of global payroll and payments in both mature and emerging international markets. This has been achieved by sharing visions and creating a strategy that supports each other’s business objectives and processes.”

IRIS FMP’s technology and experience enables payroll managers and accountants to calculate and process employee salaries. Western Union’s platform, coupled with their expertise, provides the ability to help ensure employees are paid correctly, from one employee to thousands, across multiple currencies and countries. Both parties also bring their local knowledge, providing an end-to-end process enabling employers to deliver their employees’ pay as seamlessly as possible across the world.

Frederic Simon, Regional Vice President Europe at Western Union Business Solutions also sees the value in the strategic partnership. He said, “Globalisation, increased legislation, and the acceleration of digital technology are propelling multinational and global organisations to reimagine their payroll operations. They need to ensure they can pay international employees on time, in the right currency, with confidence and ease has become table stakes. Our collaborative partnership with IRIS FMP, will help provide an end-to-end enhanced value proposition and strengthen our commitment to accommodate the payroll and payments needs for global organisations.”

The exceptional alliance has been built on collaboration, transparency and openness with both providers acknowledging the value long-term partnerships generate.

About IRIS Software Group

IRIS Software Group is one of the UK’s largest privately held software companies. It exists to take the pain out of processes and let professionals working in businesses and schools focus on the work they love.

IRIS provides software solutions and services for finance, HR and payroll teams, educational organisations, and accountancy firms that helps them comply with regulations, drive productivity and better engage with key stakeholders. Through simplifying, automating and providing insights on everyday mission-critical tasks for organisations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.

IRIS has over 100,000 UK and international customers with 80% having a tenure of five or more years. IRIS is the largest third-party online filer with the UK Government. Ninety of the top 100 UK accountancy firms and 50 of the top 100 US CPA firms use IRIS software. Circa 20% of the UK’s workforce is paid by IRIS payroll offerings. More than 850,000 UK employees are managed by IRIS HR solutions. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children’s school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is placed in the Sunday Times PwC Top Track 250 and the Megabuyte50, and is certified as Great Place to Work ®.

To see how IRIS helps organisations get things right first time, every time, visit www.iris.co.uk or follow IRIS Software Group on LinkedIn, Twitter and Instagram.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005030/en/

FAQ

What is the significance of the partnership between Western Union and IRIS Software Group?

The partnership aims to simplify international payroll and payment solutions, addressing the growing demand for these services globally.

How does Western Union's network enhance the partnership with IRIS Software Group?

Western Union's global network facilitates cross-border payments in over 200 countries, enabling IRIS to efficiently manage payroll for international employees.

What percentage of the UK workforce is managed by IRIS Software Group's payroll solutions?

IRIS Software Group manages payroll for approximately 20% of the UK workforce.

What is the duration of the partnership between Western Union and IRIS Software Group?

The partnership is set for five years to provide streamlined payroll and payment solutions worldwide.