November 3, 2014
Tipalti, a known provider of cloud pay-outs management automation platform, recently raised $13 million in a Series B funding round. Tipalti plans to use the fresh funds to make aggressive sales and marketing efforts, invest
Chen Amit, CEO & co-founder of Tipalti, said in an official press release: Thanks to our funders, we will accelerate the expansion of our team and our business and continue to build out the world’s most advanced pay-outs management automation system. We plan to introduce significant innovations like the recently released Risk Management Module (RMM) and the automated Supplier Portal that have already helped to automate the payables and remittance operations of some of the world’s fastest-growing, global companies. Through our technology, companies can focus on growing their businesses more effectively, rather than on using their valuable resources to handle pay-outs processing, payment issue resolution and government and tax compliance. Tipalti’s technology also enhances their partners, vendors, and customers’ payments experience by providing greater choice of payment methods and currency while eliminating processing errors.
Tipalti offers enterprise-class Risk Management Module (RMM) as one-of-a-kind solution for mass-payers to share suspected fraudster information with peers. The RMM provides payers with unprecedented visibility and control of fraudulent activity by letting them suspend or block suspicious payees. Suspended payees aren’t paid until reviewed, while blocked payees aren’t paid at all and are flagged in the global database, alerting other Tipalti customers.
The RMM utilizes proprietary algorithms to detect and identify suspicious payees. Once flagged, the RMM automatically assigns them a risk review status to alert the administrator, who can decide to then block or manually review them. Payers can also opt to add suspicious payees to a global network shared among Tipalti mass-payers and to subscribe to automatic alerts when suspected payees try to join their network. This offers a one-of-a-kind Interpol-like system for the international mass payment community.
Tipalti’s customers pay tens of thousands of publishers, affiliates, developers, contributors, and other suppliers every month. With a global network supporting the widest range of payment methods, Tipalti’s solution streamlines the international payment process, saving significant time and reducing costs by eliminating manual data entry. Tipalti also helps its customers comply with tax and government Anti Money Laundering (AML) regulations by automatically collecting tax forms from each payee and scanning each payment against the most up-to-date government issued blacklists.