Accounts Payable Financial Controls
Safeguard Against Fraud Loss and Strengthen Internal Processes with Enterprise-Grade Financial Controls
Tipalti provides granular controls over payables and payment operations to increase security of sensitive financial data, ensure ongoing OFAC compliance, and improve management oversight to key AP processes.
Tipalti’s time savings on payables processes are a huge benefit, but we’re also seeing a reduction in fraud risk. We’re notified of potential fraudsters during the onboarding process and prior to payment, allowing us to investigate proactively before payments go out.
Wendy Welfelt
Director of Finance and Accounting at mobileFUSED
Configure Data Access Controls & Establish Signatory Rights
Since AP involves direct access to cash reserves, it’s critical to institute proper controls and governance. 20+ role-based permissions help enforce segregation of duties by configuring who can initiate disbursements, fund accounts, create approval flows, run reports, and more. Tipalti automatically routes invoice and also payment approvals based on transaction criteria, so you can ensure strong approval processes not just on invoices, but also on the movement of cash. Built-in bill and supplier audit trails, reporting, and document storage enhances your audit preparedness.
Validate Suppliers Prior to Approval
Strengthen security of your suppliers’ sensitive payment data by collecting and storing this information in Tipalti’s self-service supplier portal. Tipalti automatically validates contact information, payment data, and tax information against 27,000+ global rules prior to approving suppliers. IRS tax form and ID collection (prescribed by KPMG LLC) and validation including TIN matching adds another layer of protection to ensure that suppliers are legitimate and helps payers avoid expensive penalties for invalid 1099 and 1042-S filings.
Protect Against Loss with Ongoing Screening
Get peace of mind that your company won’t inadvertently pay suspicious payees on the OFAC, Anti-Terror, or Anti-Narcotics lists with ongoing screening that’s always up-to-date with regulations. Tipalti automatically scans all payee records against a range of “Do Not Pay” lists during onboarding and before each payment, ensuring every payment is checked for legitimacy and legality.
Prevent Fraud with Electronic Payments
Shifting to electronic payment methods such as US and global ACH and wire transfers helps minimize risk exposure and fraudulent payouts. Fee splitting allows you to incent payees to adopt safer, more efficient payment methods for your business. For payees that select paper check, Positive Pay is included to help combat fraud. Instant reconciliation means you can include daily reconciliation as part of your AP team’s responsibilities, so you can detect fraudulent payments more quickly and take corrective action sooner.
Double Down on Risk Management
The Tipalti Detect™ risk module is an internal network that proactively identifies and prevents potential ongoing fraud by proactively looking for patterns. Unique to Tipalti, payers can block or suspend payees from receiving payments, identify blocked or suspended payees trying to create multiple accounts, and get notified of suspicious payees.
Innovation and efficiency come built-in
Tipalti offers the most comprehensive payables technology to help your business streamline, simplify, and evolve.
Invoice Management
Ditch the busy work with touchless invoice processing with smart OCR. Advanced approvals with AI streamlines the approval process and minimizes delays.
Supplier Management
Effortlessly onboard vendors with a multilingual, self-service portal that’s brandable. Plus, give suppliers a real-time view of payment and invoice status.
PO Management
Manage spend all in one place. Streamline purchase requests, PO’s, approvals, and vendors with budget visibility to make informed decisions.
PO Matching
Eliminate overspending and strengthen financial controls with automated 2-way and 3-way matching and enjoy a frictionless approval cycle.
Global Payments
Send payments in 120 currencies in 196 countries through six unique payment methods.
Multi-Entity
Manage unique payables workflows and centralize AP for subsidiaries and entities within a single instance.
Currency Management
Save time and money on FX conversion payouts with highly competitive exchange rates.
Tax Compliance
Take the headaches out of collecting and validating IRS and VAT IDs. KPMG-approved for W-8/W-9 IRS requirements and generate 1099/1042-S tax prep reports.
Payment Reconciliation
Speed up financial close by 25%+ by synching and reconciling multi-entity payables data with ERP and Accounting systems.
Financial Controls
Enterprise-grade financial controls: Fraud, tax, regulatory, audit, spend and cash flow.
Self-Billing Module
Simplify self-billing processes with automated invoice creation and submission while ensuring global regulatory compliance.
Fraud Detection
Tipaliti Detect lets you proactively identify payee fraud risk and maintain a full audit trail.
Early Payments
Thanks to NetNow, you can offer accelerated payments to suppliers and generate revenue with better working capital utilization.
Secure Cloud
Rest assured that data is collected, stored, and transmitted securely in the cloud. Tipalti is SSAE 18 and ISAE 3402 SOC 1 Type II and, SOC 2 Type I certified, and GDPR Compliant.
ERP Integration
Best-in-class integration with your existing ERP and accounting systems and sync invoices, suppliers, payments and purchase orders.
Simplify Performance-to-Pay
Easily sync data from marketplace platforms and tie performance analytics to pay partners.
Payments API
Integrate any system through our highly secure API that offers full-featured interfaces.
Artificial Intelligence/Tipalti Pi
Take advantage of proactive, smarter processes for the entire payables operation as well as greater efficiency and risk mitigation.
Money Transmitter License
Get peace of mind for global transactions, more transparent controls and compliance review process by leveraging Tipalti’s banking and compliance rails.
