Tipalti Introduces Multi-FX Solution to Further Streamline Global Payables

New solution saves fast-growth businesses time and removes the hassle
of managing payables payments across multiple currencies

SAN MATEO, Calif.–(BUSINESS WIRE)–Tipalti,
the leading global payables automation platform, today announced
Multi-FX, a new offering that further streamlines the global payables
process for modern finance teams. The solution gives Tipalti customers
the ability to fund their virtual Tipalti account once in a single
currency, and then easily convert that money to the necessary local
currency before payouts occur.

Using Tipalti Multi-FX has freed up a lot of time, as we no longer have
to buy foreign currency on spot to execute our global payouts,” says
Jason Weschler, Senior Director of Accounting, programmatic advertising
provider PubMatic. “Keeping everything in one system has been a great
relief to shift the FX conversion burden to Tipalti.”

Finance organizations increasingly are expected to make payments to
international suppliers in their local currencies. For some businesses,
they often need operating accounts in multiple currencies and to ensure
they always have enough funds in these accounts to cover the amount of
the entire payment run. Similarly, companies with multiple subsidiaries
often need to regularly fund those diverse geographic divisions so they
can make local currency payouts, such as for payroll, taxes, or general
expenses. These FX burdens cost finance leaders valuable time that could
otherwise be spent focusing on high-impact strategic initiatives. With
Multi-FX, finance organizations can use Tipalti to save significant time
that would otherwise be spent working across various banking systems to
fund entities and convert currencies prior to making payments.

Based on a survey report by Tipalti of businesses with 100 to 500
employees, over 30 percent indicated that administering bank accounts
was the biggest challenge in managing cross-border foreign exchange
processes. Only 11 percent of these companies have an active treasury
department, putting much of the responsibility on the accounts payable
department.

Having the ability to make seamless international payments in multiple
currencies is a key step in our mission to enable companies to quickly
scale their payables operations globally,” said Chen Amit, CEO of
Tipalti. “Our approach saves organizations money and time, while
allowing customers to leverage our competitive FX rates. Multi-FX is yet
one more way we are helping CFOs to transform global payables,
eliminating financial operations complexity for high-growth
multi-national businesses.”

For more information on Tipalti Multi-FX, go to https://tipalti.com/product/multi-fx/

About Tipalti:

Tipalti
is the only payables automation solution to streamline all phases of the
global accounts payable workflow in one holistic cloud platform. Tipalti
makes it painless for finance departments of companies to manage their
entire AP and supplier payments operation. Leading companies use Tipalti
to eliminate up to 80% of their supplier payments workload, helping them
scale their business efficiently with global growth, while strengthening
financial and tax compliance controls. Hundreds of companies trust
Tipalti to transform their supplier payment operations including Uber,
Roku, Docker, Zumba, Twitter, GoDaddy, Zola, PubMatic, Seeking Alpha,
GoPro, Foursquare, and Vimeo.

Contacts

Brands2Life for Tipalti
Rene Musech, 415-610-7500
tipalti@brands2life.com

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