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.”