What’s New with Tipalti Mass Payments
Learn what’s new, what’s improved, and what’s coming for Tipalti Mass Payments customers in 2024
Enhancing Your Funding Workflows
We’re making it easier than ever to fund your TIpalti Virtual Account, offering you more flexible funding options and streamlining your funds management within the TIpalti Hub.
Dedicated Account Numbers: Eligible customers will now receive a unique account number for their USD Tipalti Virtual Account. You can access your account details through the “Funding Instructions” button in the Tipalti Hub and easily fund it just like a standard bank account.
Fund by Card: You can now fund your USD Tipalti Virtual Account using your existing Visa, Mastercard, or AMEX corporate cards. Leverage your corporate line of credit to extend your cash on hand and earn additional rewards and rebates from your card programs. As an added benefit, fund by card transactions are fast and are typically processed in one business day!
Easier Funds Management: We’ve made enhancements to give you complete visibility into your available versus total balance. For those who automate funding via ACH Debit, we now offer comprehensive insights into your incoming transactions, including estimated arrival dates, ensuring you always have a clear picture of your finances.
Supporting Your Global Growth
Scaling with you as you grow sets Tipalti apart as your trusted partner in global payments and we’re committed to helping you grow your business beyond borders with ease.
Hello, Canada: We’re proud to announce that Canadian-specific plans and pricing are now available to Canadian businesses. Send EFT payments from Canadian entities like a local with more competitive transaction fees and faster delivery times.
Local Rails in the Nordics: To facilitate access to the Nordics, you can now send local bank transfers to Denmark, Norway, and Sweden in local currencies.
Accented Characters Support: Offer a more inclusive onboarding experience to payees worldwide. Your onboarding workflows will now support accented characters, unique letters, and additional punctuation marks in names, addresses, and other onboarding details. This upgrade also lets you easily sync payee data with accented characters to and from your ERP.
Always Keeping You Compliant
At Tipalti, we monitor all regulatory and tax changes so you don’t have to, ensuring you remain compliant and safeguarding your reputation.
DAC7 Compliance: Efficiently comply with the EU’s new DAC7 reporting requirements for digital platform operators. Guide payees through the secure data collection during onboarding and download a DAC7 tax preparation report from the reports tab of the Tipalti Hub at year-end to help you quickly fulfill your reporting obligations. The solution is also suitable for compliance with the UK Platform Operators Regulations.
IRS Compliance Updates: Our tax onboarding workflow now supports the IRS’s latest version of the W-9 form for domestic payees in the US. Additionally, our W-8 forms have been updated for foreign payees to reflect changes to the US/Chile and US/Hungary tax treaties, keeping you compliant with the latest tax withholding rates.
What’s Coming Soon
We’ll be rolling out more exciting features and enhancements to our existing capabilities to help you automate and optimize.
Receive Incoming Payments: As part of the new Tipalti Enhanced Virtual Account, we’ll allow third parties to send payments directly into your account, adding more funding sources for your payables and streamlining your cash flow management. To ensure that you have complete visibility into the origin of funds in your accounts, your account statement in the Tipalti Hub will clearly differentiate between your self-funded transactions and third-party transactions.
User Activity Reports: Download user activity data up to a year back – letting you more easily fulfill compliance and regulatory obligations resulting from IPO preparation, SOX reporting requirements and more. The new user activity reports will provide complete audit trails of users’ actions related to bills, payments, payees, and administrative tasks.
Conclusion
We’ll continue to enhance our capabilities to help you transform every payment experience into a cornerstone of brand loyalty. Stay tuned for future updates!
