Tipalti Introduces Multi-FX Solution to Speed Up Payables Process
2019-02-28 09:54 Thursday
Global payables automation platform Tipalti recently launched Multi-FX, a new solution that helps to streamline the global payables process for finance teams. According to Tipalti, Multi-FX can give customers the ability to fund their virtual accounts in a single currency and convert it to the local currency before the payout happens.
Finance organizations are expected to make payments to international suppliers in their local currencies. Some companies have to operate accounts in multiple currencies to ensure they have enough funds in these accounts to cover the amount of the entire payment run. Companies with multiple subsidiaries across the world often have to fund those operations in local currencies, leading to increased time and costs. Multi-FX streamlines that by enabling finance organizations to save funding entities.
"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," said Jason Wechsler, senior director of accounting. "Keeping everything in one system has been a great relief for FX's conversion burden."
According to a survey report by Tipalti of businesses with 100 to 500 employees, over 30% indicated that administering bank accounts was the biggest challenge in managing cross-border foreign exchange processes. Only 11% 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 businesss 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."