Tipalti to Remove Platform Fee for Select Clients Amid COVID-19

The fee will be removed for one year for guilds, nonprofits, and trade groups.

Tipalti, a global payables automation solution, announced this Tuesday that it would be relaxing its fees in light of the coronavirus pandemic, which has caused a lot of financial hardship on people across the world.

In particular, the payments company said that it would waive the Tipalti platform fee for one year for guilds, nonprofits, and trade groups. The company has decided to do this in order to support them in disbursing funds quickly to its members during COVID-19.

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Via its platform, the company automates the entire payables workflow, starting from the payee onboarding through to the payment process. This is available across six payment methods, 190 countries and 120 currencies, the company said.

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Chen Amitof Tipalti
Chen Amit, CEO and Co-Founder of Tipalti
Source: LinkedIn

Speaking on the announcement, Chen Amit, CEO and Co-Founder of Tipalti said in the statement: “We know that during this COVID-19 pandemic, many workers are relying heavily on guilds, associations, and trade groups for financial support, so we want to help make it easy for these organizations to pay their members in an efficient, fast, and safe manner.”

Firms dig deep to help during COVID-19

Tipalti is one of the many companies in the finance industry that is doing its part to try and bring relief during this difficult time. As Finance Magnates reported, Goldman Sachs launched a $300 million initiative.

In particular, the company committed $275 million to create a Small Business Stimulus Package, including $250 million to provide emergency loans to small businesses across the country and $25 million in grants to Community Development Financial Institutions (CDFIs) and other mission-driven lenders to ensure they have the necessary capacity to underwrite and deliver loans to small businesses as soon as possible.

The Moscow Exchange (MOEX) said at the end of March that it would not charge one-off and monthly fees for all new technical access IDs for MOEX Trade terminals. This is on the Equity and Bond, foreign exchange (forex), and Money Markets.

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