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How Financial and Insurance Companies Solve Supplier Payments

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How Financial and Insurance Companies Solve Supplier Payments 1
How Financial and Insurance Companies Solve Supplier Payments 2
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How Financial and Insurance Companies Solve Supplier Payments 2
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Our controller approves the payments, and typically those will be distributed by day two of the month, which is awesome for us and our partners who are getting paid quickly and in their preferred way.

Sasha Dobrolioubov

Sr Manager, Business Development at FundBox

Maintain a lead payables operation arrow
Automate invoice workflows arrow
Easily onboard suppliers arrow
Execute global payments arrow
Simplify multi-entity payables arrow

Reduce accounts payable workflow 80%.

Automate the entire process for paying your network of global suppliers.

Touchless AP is a reality.

Invoices are read through OCR for straight-through processing, including the entire approval cycle from invoice to payment.

Reduce the friction of making your suppliers payable.

A complete whitelabeled, self-service onboarding system that’s easy to implement and intelligent.

Pay anyone, anywhere.

Pay suppliers in 196 countries using 120 currencies, and across multiple payment methods in a matter of clicks, and with the ability to mitigate currency volatility risk.

Centralize payables operations.

Tipalti makes it easy to bring accounts payable controls and execution to businesses with multiple subsidiaries and business units.

How Financial and Insurance Companies Solve Supplier Payments 4

Hear from our financial services customers

How Financial and Insurance Companies Solve Supplier Payments 5

They’re saving a month of work every year for the entire team.

LEARN MORE

Why trust Tipalti with your supplier payments?

Scale Payables with Greater Efficiency

Go global with your supplier base to achieve growth at scale. If you’re on a go-to-market and expansion track, Tipalti lets you leverage providers from all over the world.

Improve Partner Relationships

Offer the most flexible payment options (including US ACH, wire transfer, global ACH, PayPal, prepaid debit, or paper check) to attract and retain the best suppliers, while reducing the risk of paying fraudsters. They can also be paid in their local currency across 120 options.

Eliminate Manual Processes

Manual effort can lead to payment errors. Dramatically reduce payment workload by 80% with self-service onboarding, automated communications, and a unified payment processing interface. You’ll also reduce payment errors and potential fraud.

Effortless Tax Compliance

Don’t wait until year-end to hunt down partners for their tax forms. Collect W-9, W-8 series, or VAT ID forms and produce submission-ready 1099 and 1042-S reports.

How Financial and Insurance Companies Solve Supplier Payments 6

We were spending seven days a month paying our contributors around the world. Now we only spend one day making those global payments.

Persha Valman

CFO at SeekingAlpha

How Financial Services Companies Use Tipalti

Suppliers login into a self-service secure web portal
  • They provide identity, payment details, and tax information (e.g. W8, W9, VAT).
  • Tipalti verifies payment details using over 26,000 rules.
  • The portal provides updates on payment status and allows for self-service changes.
Suppliers can submit invoices directly or bills can be synced from ERP
  • Suppliers can email invoices or upload them directly from the Supplier Hub web portal.
  • Tipalti integrates with your ERP, performance tracking data, through the Tipalti API, or accepts a payment instruction file.
  • Tipalti AI routes invoices and payment instructions to the organization’s approvers.
Payments are scheduled and sent
  • Once approved, Tipalti routes payments internally to secure approvals, making sure funds exist, and paying in the supplier’s chosen payment method (e.g. ACH, wire transfer, PayPal, etc.).
  • No more logging into individual banking portals or reconciling payments from across multiple accounts.
  • Tipalti sends the payments out through the proper banking channels.
  • Tipalti alerts payees of payment status and reports any issues to them if funds don’t land.
  • Payments and transaction fees are fully reported for reconciliation in real time to the ERP.


Innovation and efficiency come built-in

Tipalti offers the most comprehensive payables technology to help your business streamline, simplify, and evolve.

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AP & PO Management
Global Partner Payments
Invoice Icon

Invoice Management

Ditch the busy work with touchless invoice processing with smart OCR. Advanced approvals with AI streamlines the approval process and minimizes delays.

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Supplier Management Icon

Supplier Management

Effortlessly onboard vendors with a multilingual, self-service portal that’s brandable. Plus, give suppliers a real-time view of payment and invoice status.

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Procurement Icon

PO Management

Manage spend all in one place. Streamline purchase requests, PO’s, approvals, and vendors with budget visibility to make informed decisions.

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PO Matching Icon

PO Matching

Eliminate overspending and strengthen financial controls with automated 2-way and 3-way matching and enjoy a frictionless approval cycle.

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Global Payouts Icon

Global Payments

Send payments in 120 currencies in 196 countries through six unique payment methods.

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Tipalti Card

Gain complete control and visibility over your corporate credit and debit card spend with a solution integrated into the most powerful global payables solution with automatic reconciliation.

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Currency Icon

Currency Management

Save time and money on FX conversion payouts with highly competitive exchange rates.

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Multi Entity Icon

Multi-Entity

Manage unique payables workflows and centralize AP for subsidiaries and entities within a single instance.

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Payment Reconciliation Icon

Payment Reconciliation

Speed up financial close by 25%+ by synching and reconciling multi-entity payables data with ERP and Accounting systems.

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Tax Compliant Icon

Tax Compliance

Take the headaches out of collecting and validating IRS and VAT IDs. KPMG-approved for W-8/W-9 IRS requirements and generate 1099/1042-S tax prep reports.

Learn more
Self Billing Icon

Self-Billing Module

Simplify self-billing processes with automated invoice creation and submission while ensuring global regulatory compliance.

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Financial Controls Icon

Financial Controls

Enterprise-grade financial controls: Fraud, tax, regulatory, audit, spend and cash flow.

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ERP Integration Icon

ERP Integration

Best-in-class integration with your existing ERP and accounting systems and sync invoices, suppliers, payments and purchase orders.

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Fraud Detection Icon

Fraud Detection

Tipaliti Detect lets you proactively identify payee fraud risk and maintain a full audit trail.

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Payment API Icon

Payments API

Integrate any system through our highly secure API that offers full-featured interfaces.

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Secure Cloud

Rest assured that data is collected, stored, and transmitted securely in the cloud. Tipalti is SSAE 18 and ISAE 3402 SOC 1 Type II and, SOC 2 Type I certified, and GDPR Compliant.

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Money Transmitter License

Get peace of mind for global transactions, more transparent controls and compliance review process by leveraging Tipalti’s banking and compliance rails.

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Simplify Performance-to-Pay

Easily sync data from marketplace platforms and tie performance analytics to pay partners.

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Artificial Intelligence/Tipalti Pi

Take advantage of proactive, smarter processes for the entire payables operation as well as greater efficiency and risk mitigation.

Learn more
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Let’s get more productive

Talk to an expert and learn how you can take control of your payables.

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Solutions

  • Accounts Payable Automation
  • Global Partner Payments
  • PO Management
  • Tipalti Card

Capabilities

  • Overview
  • Supplier Management
  • Invoice Management
  • PO Matching
  • Self-Billing Module
  • Payment Reconciliation
  • Global Payments
  • Fraud Detection
  • Tax and VAT Compliance

Why Tipalti

  • Why Tipalti
  • Customer Stories
  • Invoice-Based Workflow
  • Performance-Based Workflow
  • Benefits by Role
  • Benefits by Industry
  • Bill.com Alternative

Technology

  • The Tipalti Platform
  • Multi-Entity Architecture
  • Financial Controls
  • Payment API
  • Secure Cloud
  • Money Services Business
  • Pi Payables Intelligence

Resources

  • The FinTalk Blog
  • What is AP Automation?
  • Compare Payment Methods
  • Future of Finance
  • Destination IPO
  • Payments Across Borders
  • The Total Guide to ERP Integration
  • Cost Per Invoice Calculator
  • Payment Error Calculator

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