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Tipalti’s Payment Capability: Solution Overview and Analysis 

Technology has made it easier for workers to find gigs and employers to find workers. The gig economy is estimated to represent about $2.7 trillion in disbursements a year. But getting paid on time is still a challenge. According to one report on gig workers last year, despite gig work being on-demand, only 17% of gig platforms pay in real time. Many gig workers experience expenses in real time, yet it can take weeks to get paid.

A McKinsey report stated that by 2025 online talent platforms connecting people to the right work opportunities could add about another $3 trillion to global GDP. 

The explosive rise of peer-to-peer apps in a slew of markets — ranging from media content, real estate, creative content to business assistance — has helped legitimize the gig worker. 

But as the service and gig economy grows, the complexity of paying a global vendor base of independent contractors and freelance workers increases as well. Companies like Twitter, GoDaddy or Google just couldn’t grow without automating their AP, payments and tax compliance.

Let's take a look at how Tipalti's payment capabilities are addressing these challenges.

Tipalti: Vendor Analysis (Part 3) — SWOT, Competitors, Tech Selection Tips, Analysis

invoice

Tipalti was one of the specialized finance technology solutions that participated in Spend Matters’ first AP Automation SolutionMap, which ranked six vendors. The Spring/Q1 2020 rankings came out last month, and Tipalti was deemed a “Solution Leader,” meaning it has robust solution capabilities. At Spend Matters, we have seen great growth in the AP automation market, which is becoming increasingly competitive and interesting. In this brief, we’ll look at market players like Coupa, Basware, SAP Ariba, Oracle, Medius and Determine, a Corcentric company.

In previous installments of this Spend Matters PRO Vendor Snapshot, we covered Tipalti’s background and a detailed solution overview, as well as suggestions on when to consider Tipalti. In Part 2, we covered its product strengths and weaknesses, and in this final installment, we’ll provide a SWOT analysis, competitor comparisons and selection considerations.

Tipalti: Vendor Analysis (Part 2) — Strengths and Weaknesses

Part 1 of Spend Matters’ PRO Vendor Snapshot analysis of Tipalti provided a company and detailed solution overview and a recommended fit list of criteria for firms considering Tipalti. This second part will look at its solution’s strengths and weaknesses.

Tipalti is an AP automation solution that specializes in the automation of payments. Its solution extends from the capture of the invoices, validation, matching, approval for payment to the issuing of the payment itself — regardless of the payment method, currency or geography. In addition, Tipalti captures, validates and manages the information of all the suppliers to whom a payment will be issued.

Spend Matters recently launched our first SolutionMap for AP Automation, which includes Tipalti as one of the inaugural six participants.

The final part will offer a SWOT analysis of Tipalti, competitive alternatives, and additional evaluation and selection considerations.

Now, let’s examine the strengths and weaknesses of Tipalti’s solution.

Tipalti: Vendor Analysis (Part 1) — Background and Solution Overview

procurement

The market for AP automation solutions has shown visible growth recently, as illustrated by increased M&A activity, rising interest from investors like private equity firms, and P2P vendors that are adding more advanced payment capabilities to their solutions, incorporating processing and money transfer capabilities beyond traditional OK-to-pay features.

Given this, Spend Matters recently launched our first SolutionMap for AP Automation, which includes Tipalti as one of the inaugural participants.

Tipalti is an AP automation solution that specializes in the automation of payments. Its solution extends from the capture of the invoices, validation, matching, approval for payment to the issuing of the payment itself — regardless of the payment method, currency or geography. In addition, Tipalti captures, validates and manages the information of all the suppliers to whom a payment will be issued.

This three-part Spend Matters PRO Vendor Snapshot series offers facts and analysis to help accounts payable and procurement organizations make informed decisions about whether they should explore this software provider.

Part 1 a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Tipalti as a complement to other procurement and finance solutions. The remaining parts will cover product strengths and weaknesses, insights on competitors, a SWOT analysis, and insider evaluation and selection considerations.