Lilia Stoyanov: Our customers achieve 60% cost savings on average as Transformify fully automates the billing, payment, and reconciliation process.

December 2, 2023
Lilia Stoyanov Transformify fupping Interview

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Transformify is a leading provider of innovative workforce management solutions. Designed to ensure compliance with international labor laws and streamline global talent management, enabling businesses to thrive in today’s interconnected world. Here’s how they do it:

Transformify offers a range of workforce management solutions. How does your platform ensure compliance with international labor laws and regulations when managing global talent?

Transformify is a platform adept at handling international labor law compliance in workforce management through the following:

  • Automated Compliance and Billing: We automate compliance, billing, and cross-border payment processes, which are essential for managing international labor laws and tax compliance.
  • Global Payment Integration: Using Payoneer, cryptocurrency, and other payment methods, we facilitate worldwide payments, ensuring compliance with financial regulations. Combining e-wallet, local bank transfers, SEPA, SWIFT, push-to-card, and more allows Transformify to provide cross-border payments across 184 countries.
  • HRIS System: What makes Transformify’s HRIS stand out from the myriad of similar HR solutions is the seamless integration with our Applicant Tracking System and Vendor Management System (VMS). The moment candidates receive a job offer, it takes a click of a button to onboard them, collect any documents required for compliance purposes, send them an agreement to sign via e-signature, and assess their skills. 
  • Flexible Employment Models: Transformify adapts to diverse employment situations, crucial for complying with varied labor laws. Although Agent of Record (AOR) and solutions for compliantly hiring independent contractors and freelancers are our primary focus, we also cover Employer of Record (EOR), outstaffing, and managed solutions.
  • Employer of Record: Using our Employer of Record services, companies can hire employees across the globe with TFY as their employer and avoid responsibility for payroll, workforce management, benefits, compliance, and more. Transformify partners with a vast network of local legal entities, ensuring global coverage and providing a peace of mind for our business customers.

With the capability to process payments in over 20 cryptocurrencies, how does Transformify address the volatility and regulatory challenges associated with crypto payments?

Transformify, in partnership with CoinsPaid, addresses cryptocurrency payment challenges as follows:

  • Volatility Management: Business clients make payments in fiat currency, which Transformify converts into cryptocurrency for recipients at the moment of the transaction, shielding businesses from crypto volatility.
  • User Responsibility: Users are advised to understand the risks and regulations associated with cryptocurrency in their respective countries.
  • Crypto eExchange Services: Offers support for 20+ cryptocurrencies and conversion into 40+ traditional currencies, with instant transaction processing and legal compliance in the EU.
  • Handling Regulatory Risks: Instant asset conversions by CoinsPaid keep cryptocurrencies off business accounting books, simplifying compliance and reducing risk.

Can you detail the benefits of your Global Payroll On-demand service for companies looking to streamline their international contractor and freelancer management?

Transformify’s Global Payroll On-demand offers many benefits for managing international contractors and freelancers. Here is a list of the most important ones:

  • Centralized Management and Payment: Enables hiring, managing, and paying global workforce via a single platform.
  • Streamlined Invoicing and Compliance: Acts as a single vendor for all transactions, handling tax compliance and cross-border payment reconciliation.
  • Diverse Payment Methods: Supports bank transfers, debit cards, e-wallets, and cryptocurrencies, with same-day payment capability.
  • Global Reach: Offers worldwide payment solutions, including areas outside sanctioned countries.
  • Automated Billing System: Provides an efficient, cloud-based automated system for billing and payment, suitable for medium to large-sized businesses.

What AI-powered analytics and insights does your Applicant Tracking System provide, and how do these tools enhance the recruitment process for employers using Transformify?

Here are some of our ATS’ important AI-driven reports and analytics provided to our clients – 

  • Worldwide median pay rates for specific skill sets
  • Predicted success rate of every candidate (based on analyzing hundreds of thousands of data points)
  • Detailed information about candidate preferences and locations.

Moreover, Transformify’s Applicant Tracking System (ATS) enhances recruitment with these AI-powered features:

  • One-Click Job Posting: Automatically posts jobs to over 100 job boards, saving time in job distribution.
  • AI-Driven Candidate Screening: Analyzes resumes and cover letters for relevant keywords and calculates a predicted success rate for candidates, aiding in objective decision-making.
  • Efficient Recruitment Workflow: Manages candidate profiles, shortlisting, and interview scheduling, streamlining the recruitment process.
  • GDPR Compliance: Ensures protection of candidate data and adherence to regulatory requirements.

How does Transformify’s Employer of Record service integrate with a company’s existing HR infrastructure, especially for those with a significant international workforce?

Transformify’s Employer of Record (EOR) service integrates with a company’s existing HR systems, especially for international workforces, in the following ways:

  • Compliance: Ensures adherence to local labor laws and regulations.
  • HR System Integration: Syncs with existing payroll and HR management systems.
  • Talent Acquisition: Assists in hiring and onboarding in new regions.
  • Payroll Management: Handles payroll and benefits, including cross-border payments.
  • Customization: Adaptable to specific company needs and HR practices.
  • Support: Offers ongoing support and advice on international HR issues.
  • Employee Management: Manages employee records and addresses employment inquiries.
  • Analytics: Provides workforce analytics and insights.

Transformify has a focus on Diversity Recruitment and CSR Programs. Can you share how you’ve seen these initiatives impact the recruitment process and the companies you work with?

Supporting people in need aligns with Transformify’s mission and vision about the future of work. Campaigns providing training and access to remote jobs to youth in juvenile detention centers in Peru and remote work programs for victims of domestic abuse in Asia are just a few examples of impactful CSR campaigns.

With the Vendor Management System (VMS), how does Transformify handle the complexities of billing and payments for a large number of vendors and affiliates?

Transformify’s Vendor Management System (VMS) simplifies billing and payments for numerous vendors and affiliates through:

  • Cloud-Based Platform: Manages a diverse external workforce effectively.
  • Integrated Systems: Offers a unified dashboard with an AI-driven ATS.
  • Custom Reports: Provides tailored reports for financial transparency.
  • Compliance with Regulations: Ensures adherence to global labor and tax laws.
  • Automated Billing and Payments: Centralizes and automates procurement processes.
  • AI-Based Optimization: Enhances efficiency using AI insights.
  • Seamless System Integration: Integrates easily with existing HR and financial software.

What metrics or data can Transformify provide to demonstrate the cost savings and efficiency gains companies can achieve by using your services?

Our customers achieve 60% cost savings on average as Transformify fully automates the billing, payment, and reconciliation process.

Imagine a translation agency managing 20,000 freelance copywriters, editors, etc. Collecting thousands of invoices, ensuring that they are in compliance with the tax legislation, and transferring payments to all those people is quite a challenge.

With Transfomify acting as an authorised re-seller, the translation agency has just one vendor to deal with and transfer payments to – Transformify, a UK-based company.

There is no need to collect invoices from individuals across the globe, and all payments to freelance translators are automatically disbursed, thus freeing up the time of the finance, accounting, and payments teams of the translation agency.

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