The solution gives Tipalti customers the ability to fund their virtual Tipalti account once in a single currency, and then convert that money to the necessary local currency before payouts occur.
Finance organisations are expected to make payments to international suppliers in their local currencies. For some businesses, they often need operating 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 often need to regularly fund those diverse geographic divisions so they can make local currency payouts, such as for payroll, taxes, or general expenses.
Based on 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.
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