Tipalti customers can now request VAT ID numbers from their payees during the setup process, and can control the payment process so that only payees that submitted VAT tax information get paid. Payees can also now upload identification documents such as national ID and tax certification during account setup to streamline payer due diligence of partners, and to comply with tax and Anti-Money Laundering (AML) regulations.
This new functionality comes as a follow-up to enhanced support for Automated Clearing House (ACH) payments to the 32 countries participating in the Single Euro Payments Area (SEPA). Tipalti also supports other payment methods widely accepted across Europe including wire transfers, PayPal, prepaid debit cards, Western Union, and paper cheques and provides remittance to the payee in their local currency.
Tipalti automates the entire global payments operations process. Tipalti’s SaaS solution serves companies with payables operations, such as advertising networks, affiliate networks, monetisation, digital goods and services, ISPs, crowdsourcing, crowdfunding and marketplaces. Tipalti currently serves approximately 250,000 payees globally and processes around USD 1 billion annually. Customers include Chartboost, TouchOfModern, PulsePoint, Disqus, Matomy, A4D, Tapjoy, MUNDOmedia, Perion Codefuel, ClickDealer and Boost Media.
In October 2014, Tipalti unveiled a USD 13 million Series B funding round led by Wicklow Capital.
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