Every year, more than $200 billion in employer-originated wages crosses international borders. The money moves through a patchwork of local banks, regional payroll vendors, and manual compliance processes. Anyone who managed international payments in 2005 would recognise the setup. The scale has changed. The plumbing has not.
This is not a minor inefficiency. It is a structural gap in how the global economy operates. Financial markets have exchanges. Trade has clearing houses. Cross-border payroll, despite its size and growth rate, has neither.
The problem nobody talks about at the fintech conferences
Much of the conversation around global hiring focuses on the front end: finding talent, signing contracts, setting up onboarding workflows. Those are real challenges. An entire category of employer of record (EOR) platforms has emerged to address them. Business Research Insights projects the global EOR market will reach $10.45 billion by 2035, up from $5.97 billion this year.
The back end has received far less attention. Moving money across jurisdictions, with local tax withholding, statutory deductions, and regulatory reporting correct in each country, is where the real complexity sits. Most companies stitch together three or four vendors. Each handles a slice. Nobody owns the full flow.
