Tipalti provides a global automated accounts payable system that offers an end-to-end system of digitizing, automating, and accelerating the handling of vendor billing. The platform removes the inefficient manual methods of payable systems by supplying a portal where vendors can bill you, allowing account managers to review and approve payments online. Tipalti uses optical character recognition to eliminate data entry by scanning and recognizing tax and vendor information when receiving paper invoices via email. The platform matches purchase orders to invoices and receipts and takes care of tax ID validation and compliance, using artificial intelligence for auto-coding.

Tipalti is a US company founded in 2010, with its headquarters in San Mateo, California, and offices in the UK, Canada, and Israel. Although touted as an accounting software company, Tipalti is primarily an accounts payable platform, launching its first product in 2011 and developing through eight different funding rounds. In early 2022 the company announced it had surpassed $36 billion in annual transactions, with a 100% growth in year-on-year payment volume. The two founders still control Tipalti as Chairman and CEO, with the company valued at $8.3 billion. In late 2021, Tipalti was added to the fourth annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.

Suppliers can self-onboard through a management portal that allows tax, billing, and contact details to be entered and updated. Once the system automatically assigns them a vendor ID number, suppliers can upload their invoices directly, with Tipalti routing the bill to the relevant account manager for review, approval, rerouting, or refusal. Once approved, the payments get sent automatically, account reconciliations occur, and the ERP system or accounting program is updated. An email is automatically sent to the supplier to advise that the remittance has occurred. In the background, the platform has a sophisticated fraud detection algorithm to protect from fraud and meet regulatory requirements, monitoring for patterns that may indicate wrongdoing.

Tipalti’s global payment system provides multiple payment methods, including BACS, SEPA, wire transfer, global ACH, Paypal, and US ACH. The software also helps clients remain tax compliant, with the system collecting tax identification across 49 countries, using artificial intelligence to collect and auto-code tax figures from the invoice. It enables payments to 196 countries in 120 currencies while providing real-time payment status to vendors. Tipalti’s platform is structured to support multiple entities, enabling accounts payable function management across subsidiaries, business units, brands and international divisions. The cloud-based architecture uses the advanced encryption standard (AEC) and is certified as best-in-class for performance and security.