Tipalti has announced the addition of Optical Character Recognition (OCR) technology to its invoice processing module.
The solution automatically scans inbound invoices from e-mail and the Tipalti supplier portal, extracts the invoice details for processing into the invoice workflow, and triggers multiple organizational approvals.
The invoice module is seamlessly integrated into Tipalti’s end-to-end AP automation software, allowing finance departments to manage their entire global supplier payments operation with one holistic cloud platform. With this release, once invoice approvals are completed, AP staff can then schedule, manage, and execute cross-border supplier payments from Tipalti. Tipalti’s solution then handles mass B2B payment runs across multiple payment methods and currencies, and delivers real-time payment reconciliation reporting synced directly into the ERP or accounting system of record.
Tipalti’s approach is driven entirely by cloud-based, machine-learning software that improves in accuracy every time it is used across the entire Tipalti customer population. Built-in intelligence adapts and learns as new invoices are scanned and processed, such as associating general ledger account codes with specific suppliers.
Tipalti’s touchless invoice processing seamlessly integrates with the Tipalti’s AP platform to streamline the entire invoice-to-payment-to-reconciliation workflow.
A brandable, web-based portal is available 24/7 for suppliers to register and manage their own contact, payment, and tax details. 26,000+ global payment rules validates supplier information for accuracy and eliminates downstream payment errors and issues, while offloading vendor setup workload from the finance organization. Suppliers can also upload or e-mail invoices directly for processing and are automatically notified of payment issues and status.
Regarding tax compliance, KPMG-certified digital W9/W8 tax form collection and validation automates withholdings calculations and 1099/1042-S tax preparation reports, reducing payor tax risk and burdens.
With global payment remittance, thousands of suppliers anywhere in the world can be paid in minutes, in a wide range of payment methods (e.g. US ACH, paper check, Global ACH, wire transfers, check, PayPal, etc.), giving suppliers flexibility to choose a method and currency. Built-in AML and fraud detection reduce the regulatory risk of paying suppliers on international blacklists and those listed as OFAC SDNs.
Additionally, detailed payment reconciliation reports generate instantly, normalized data across disparate payment methods and regions, while feeding in real-time into ERP and accounting applications.