Tipalti, the global payables automation platform, announced on Monday (Feb. 25) the launch of Multi-FX, a new offering that improves upon the global payables process for finance teams.
In a press release, Tipalti said Multi-FX gives customers the ability to fund their virtual accounts in a single currency and convert it to the local currency before the payout happens.
According to the company, finance organizations are expected to make payments to international suppliers in their local currencies now more than ever. For some companies, that means operating several accounts in different currencies. It also requires them to ensure there are enough funds in all of the accounts at all times to cover the entire payment run. Companies with units across the world often have to fund those operations in local currencies, resulting in 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, programmatic advertising provider PubMatic in the press release. “Keeping everything in one system has been a great relief to shift the FX conversion burden to Tipalti.”
Tipalti found that based on a survey of businesses with 100 to 500 employees, more than 30 percent pointed to the administration of bank accounts as the biggest challenge in cross-border foreign exchange processes. What’s more, just 11 percent have an active treasury 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, in the same press release. “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.”