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Cross-Border Payments Practices Cost Heavily from Fees, Time, and Manual LaborA new independent study carried out by research and analyst firm PayStream Advisors and commissioned by Tipalti, the leading global payables automation platform, found that the most common practices for managing cross-border payments are neither the most efficient nor the most affordable. Instead, they cost organizations heavily in payment fees, time, and manual labor, and can have negative impacts on supply chains and supplier relationships. As globalization becomes an ever increasing reality in today's world, organizations are expanding their supplier bases overseas, leading to an increase in cross-border payments. According to the study, 73% of US companies are now making some type of cross-border payments. However, international payment management entails taking on much more effort and risk than domestic payments in terms of compliance with international tax and regulatory requirements. "To do cross-border payments right, accounts payable (AP) teams must add in several extra steps and controls," explains Anna Barnett, Lead Research Analyst at PayStream Advisors, and lead analyst on this report. "One example is validating payment data accuracy to avoid payment errors. Over 26,000 global rules exist across different regions and payment methods. AP departments must often use multiple bank portals and payment rails to disburse funds across different countries and currencies, and cross-border payments reconciliation typically requires more advanced measures than domestic-only reconciliation." Some of the key findings from the report regarding complex cross-border payments include:
To read the full report, please visit: https://tipalti.com/paystream-cross-border-2018 About the research PayStream Advisors surveyed professionals across the United States in over 400 organizations from a variety of industries and market segments for this report. About PayStream Advisors PayStream Advisors is a research and advisory firm focused on business process automation in sourcing, supply chain management, procurement, accounts payable, payments, and expense management. PayStream's team of experts provide targeted research and consulting services to address the changing needs of finance and procurement professionals. In short, PayStream is dedicated to maximizing returns and minimizing risks associated with technology investment. PayStream's research reports, white papers, webinars, and tools are available free of charge at www.paystreamadvisors.com. PayStream Advisors is a division of Levvel, an IT consulting firm specializing in technology strategy, design, architecture, and DevOps. About Tipalti Tipalti is the only global payables automation solution to streamline all phases of the accounts payable workflow in one holistic cloud platform. Tipalti makes it painless for finance departments to manage their entire AP and supplier payments operation. Leading companies use Tipalti to eliminate up to 80% of their supplier payments workload, helping them scale their business efficiently with global growth, while strengthening financial and tax compliance controls. Hundreds of companies trust Tipalti to transform their supplier payment operations including Amazon, Roku, Zumba, Docker, Twitter (News - Alert), Foursquare, GoDaddy, and Vimeo.
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