California-headquartered global payables automation platform Tipalti launches NetNow to accelerate supply chain payments.
In particular, NetNow enables suppliers to be paid earlier with data-driven invoice analysis for faster access to capital. At the same time it does not impact payer working capital.
NetNow is now available as a seamless element of the Tipalti accounts payable solution.
According to Tipalti the accelerated funding process is frictionless for finance organisations that use NetNow.
Moreover there is no change to cash flow, proceeds, or existing accounts payable processes.
Customers will reap the benefits of better supply chain health and supplier relationships. Leveraging Tipalti offers an option to their suppliers that provide timely access to cash without any additional paperwork or process change headaches.
NetNow: working capital benefits
The additional value created by allowing suppliers to access NetNow’s accelerated payments helps finance teams maintain net payment terms
For payees, Tipalti NetNow accelerated payments can be used to reinvest back into their businesses.
Additionally, with NetNow, payees can choose on a payment-by-payment basis if they would like to take advantage of the offering.
“We understand that supply chain health is incredibly important for companies to maintain competitiveness. It impacts their ability to execute on business plans,” says Chen Amit, CEO and co-founder of Tipalti.
“Supply chain financing is not a new concept. However, the frictionless way we have enabled it is.
“We are proud to be the only accounts payables automation vendor who offers this programme embedded directly within its platform for easy payer and payee adoption.”
Tipalti was formed in 2010. In February it announced that it now processes over $6.5bn in annual transactions for more than 4 million suppliers. This milestone was reached as Tipalti more than doubled new customer and business bookings in the second half of 2018.