For any organization that works with suppliers and partners all over the globe, they already know how complex the global mass payment process is. There are regulatory issues to contend with, bank routing intricacies, currency conversion details, and often involve either highly costly and manual wire transfers or inefficient, high risk paper checks. It’s a wonder anyone does business with overseas partners.
The problem is clear: there is no unifying way to send money from one bank to another bank account overseas. It involves extensive communication with the payee to collect their account information and understanding of the syntax and data entry requirements for every country the organization is paying into. On top of all this, there are fraud considerations and adherence to anti-money-laundering laws established by the federal government. Now multiply the process a hundred or even a thousand times and it’s clear that most companies either don’t bother or staff up to meet the challenge.
Flawless Multi-Method Global Mass Payments Execution
Tipalti has built-in intelligence encompassing over 26,000 rules to ensure fast accurate mass payments to suppliers in over 190 countries and over 120 currencies. And the platform is architected to securely handle hundreds or even thousands of payments at scale with minimal interaction required by the AP staff.
- Expand payment capabilities without additional staffing
- Guided self-service portal for payees to choose their preferred payment methods and provide their correct banking information
- Offer ACH, wire transfers, paper checks, global / international ACH. Paypal, and more all within a single dashboard
- Automate currency conversion and balance management of multiple currency types
- Screen transactions and payees against blacklists (e.g. OFAC) for anti-money-laundering (AML) compliance