Acuant announces partnership with Tipalti to automate critical services in payment and transaction monitoring while meeting ongoing business, security, and compliance needs.
FREMONT, CA: Acuant, a global provider of identity verification solutions, partners with Tipalti, the global payables automation platform, to automate vital services in payment and transaction monitoring while meeting their ongoing business, security, and compliance requirements in a time of record company and transaction growth.
Tipalti, having recently secured double unicorn status, has seen a surge in transaction volume up 80 percent from one year ago and has surpassed $12 billion in annual transaction volume in 2020. Due to the pandemic and the demand for businesses to move to more electronic payments, Tipalti is witnessing more business from companies growing faster and needing to enhance financial controls around payables in a remote work environment.
Tipalti vetted several potential vendors to address the demand 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 its industry competitors. Tipalti helps thousands of firms pay over 4 million suppliers weekly, which results in tens of thousands of transactions being processed. Due to this increase in online payments, having to screen every transaction at such volume across clients was demanding. Before its partnership with Acuant, several of Tipaltis's critical business functions were time-consuming and needed extensive financial reporting, which slowed down operations. Acuants safe and automated transaction monitoring system offered immediate, significant cost savings and exceeded the intended ROI.
Acuant understood Tipalti's need for automation and handled our quickly scaling business with secure and user-friendly technology. It listened to requirements and offered a product that exceeded its expectations in operating more efficiently while meeting its customer's compliance needs. The company is very pleased to be the standout choice for Tipalti when it came to solving their problem, and it is excited for its growth and continued relationship to fight fraud together.