Tipalti’s Multi-FX Speeds Up Mobile Payments Processes
For businesses that handle payments across borders—and there seems to be a growing number of firms doing that these days—the question of how to make such payments happen is a difficult one. Should businesses buy local currency and make deals that way? Some vendors require as much. Should the business force the vendor to accept its local currency, or no sale? Should a third-party element like bitcoin get involved? Tipalti recently dropped word our way about a new tool it’s offering, known as Multi-FX, which looks to help smooth out the rough spots in multi-currency payments.
Using Multi-FX is comparatively simple; first, users fund their virtual account with Tipalti in a single currency, and then from there, convert that money to whatever’s needed at the time. Whether the demand calls for a payment to another company from one location, or for a conversion to local currency for a branch office needing to make payroll, Multi-FX can rapidly make the switch as needs require.
This offers a substantial savings in time, and therefore in money, reports note. Now, finance officials no longer need to agonize over the best way to make those local payments, and can instead get on with the business of, well, business.
Tipalti CEO Chen Amit noted “Having the ability to make seamless international payments in multiple currencies is a key step in our mission to enable companies to quickly scale their payables operations globally. Our approach saves organizations money and time, while allowing customers to leverage our competitive FX rates. Multi-FX is yet one more way we are helping CFOs to transform global payables, eliminating financial operations complexity for high-growth multi-national businesses.”
Given that better than 30 percent of respondents in a Tipalti survey considered that administering bank accounts was the biggest challenge in cross-border operations, and only 11 percent had a treasury department in operations, a way to smooth out this often circuitous process was worth considering. It’s easy to think that something like cryptocurrency might have already done the job, but for companies that don’t trust crypto, this might be the next best thing.
It’s hard to resist a tool that makes operations simpler, and there’s no doubt that Multi-FX will do that job, making cross-border payments mobile payments-simple.