Acuant, a leading global provider of identity verification solutions, announced its partnership with Tipalti, the leading global payables automation platform, to automate critical services in payment and transaction monitoring while meeting their ongoing business, security and compliance needs in a time of record company and transaction growth.
Tipalti, having recently achieved double unicorn status, has seen a surge in transaction volume up 80% from one year ago and has surpassed $12 billion in annual transaction volume in 2020. Due to the pandemic and the need for businesses to move to more electronic payments, Tipalti is seeing more business from companies growing faster (due to remote transactions) and from organizations needing to improve financial controls around payables in a remote work environment.
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Tipalti vetted multiple potential vendors to address the need to securely handle their growing volume of transactions efficiently and ultimately chose Acuant for its robust, flexible, user-friendly, and customizable platform that stood out amongst industry competitors.
Tipalti helps thousands of organizations pay over 4 million suppliers weekly, which results in tens of thousands of transactions being processed. Due to this growth of online payments, having to screen every transaction at such volume across a diverse range of clients was demanding. Prior to its partnership with Acuant, many of Tipalti’s critical business functions were time-consuming and required extensive financial reporting, which slowed down operations. Acuant’s secure and automated transaction monitoring system provided an immediate, significant cost savings and exceeded the intended ROI.
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“Acuant understood our need for automation and handled our quickly scaling business with secure and user-friendly technology,” said Manish Vrishaketu, Chief Customer and Operating Officer at Tipalti. “They listened to our requirements and delivered a product that exceeded our expectations in operating more efficiently while meeting our customers’ compliance needs.”
“We were very pleased to be the standout choice for Tipalti when it came to solving their problem, and we are excited for their growth and our continued relationship to fight fraud together,” said Yossi Zekri, President and CEO at Acuant.