Cross-Border Payments Practices Cost Heavily from Fees, Time, and Manual Labor
Summary
SAN MATEO, Calif.--( BUSINESS WIRE )--A new independent study carried out by research and analyst firm PayStream Advisors and commissioned by Tipalti , the leading global payables automation platform, found that the most common practices for managing cross-border payments are neither the most efficient nor the most affordable.Instead, they cost organizations heavily in payment fees, time, and manual labor, and can have negative impacts on supply chains and supplier relationships.“The fraud risks and complex international compliance mandates that come with the Foreign Account Tax Compliance Act (FATCA) and the Office of Foreign Assets Control (OFAC) for cross-border payments mean that companies can’t stick with the same time-consuming, error-prone accounts payable operation they often settle for with their domestic payments and still expect to remain competitive,” says Chen Amit, CEO and Co-Founder of Tipalti.Leading companies use Tipalti to eliminate up to 80% of their supplier payments workload, helping them scale their business efficiently with global growth, while strengthening financial and tax compliance controls.Hundreds of companies trust Tipalti to transform their supplier payment operations including Amazon, Roku, Zumba, Docker, Twitter, Foursquare, GoDaddy, and Vimeo.
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