Identity verification solution provider Acuant has teamed with accounts payable (AP) automation company Tipalti to automate essential services in payment and transaction monitoring, according to a Tuesday (Dec. 15) announcement.
Tipalti has seen a dramatic rise in transaction volume and has exceeded $12 billion in annual transaction volume this year, the announcement stated. The company looked into different possible suppliers to contend with the need to safely work with their increasing transactions volume effectively and selected Acuant.
Tipalti Chief Customer and Operating Officer Manish Vrishaketu said in the announcement that Acuant comprehended its need for automation and addressed its fast-growing business with safe and “user-friendly technology.”
“They listened to our requirements and delivered a product that exceeded our expectations in operating more efficiently while meeting our customers’ compliance needs,” Vrishaketu said.
Tipalti assists thousands of entities in paying more than 4 million vendors each week, leading to the handling of tens of thousands of transactions. The need to vet each transaction at that high a volume throughout a wide range of clients required much effort, the announcement noted.
A number of essential business functions of Tipalti were lengthy in duration and necessitated in-depth financial reporting before the company’s collaboration with Acuant.
“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,” Acuant President and CEO Yossi Zekri said in the announcement.
The Trusted Identity Platform of Acuant fuels trust for every vertical with automated identity verification, digital identity and regulatory compliance offerings, according to the announcement.
Tipalti customers can unlock as long as 30 to 45 days of cash flow with invoice payments through their credit cards via Plastiq. In addition, they can get rewards on corporate expenses such as rent, advertising, inventory and equipment.