This announcement is in Cision PR Newswire and discusses new capabilities launched by Tipalti, the California-based payables automation fintech that has seen substantial growth recently with additional funding and growing payments volumes. The account payables automation space had been on a strong growth trajectory during the previous five years but certainly received a boost from the pandemic, which refocused many firms on the need for more digitized financial operations. We have been covering these trends now for years in member research. The new capabilities from Tipalti add some modern collaborative interplay during the payments approval process.
‘When approving invoices, it’s critical for buyers and approvers to easily and quickly connect and work together. Today, most of these dialogues are held outside the context of the bill, leading to challenges when tracking Q&As, repeated back and forth interactions, and delays. The new Bill Talk and Bill Docs product innovations allow buyers, AP staff and business approvers to work with each other directly on the bill by exchanging questions and comments and attaching documents within Tipalti, all without needing to log in. These updates will save thousands of Tipalti users time and resources by simplifying these approval conversations and centralizing feedback directly on the bill.’
Many readers who pay attention to the space will know that straight-through processing is a main end game in the account payables and receivables space, but that remains an incremental and elusive goal, which will be aided over time by digital capabilities that can take advantage of latest gen tech such as RPA and machine learning. In the meantime, there also remain lots of exceptions and sensitive approval reviews required, which these new features will help to prioritize and alleviate back and forth process delays. Innovations within modern platforms are also one of the ways that fintechs stay ahead of the pack in creating flexible ongoing improvements, accessible through the cloud.
‘On top of the latest enhancements to its accounts payable automation solution, Tipalti also announced that TrustRadius has recognized the company with a 2022 Top Rated Award. This is the second consecutive year Tipalti has won Top Rated for the Accounts Payable category. Based entirely on customer feedback, TrustRadius Top Rated Awards have become the B2B industry standard for unbiased recognition of technology products.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group