Monthly Archives: July 2010

//July

More on IBANs

Following last week’s post on international payments, today's will go into more detail on the IBAN, or International Bank Account Number. The IBAN contains all the info a bank receiving a cross-border payment should need in order to correctly apply the funds. IBANs consist of four groups of alphanumeric characters: a)    The country code b)   [...]

By | July 27th, 2010|Categories: AP Industry|0 Comments

International Payments Continue to Pose Challenges

Nearly three-quarters of the 700 respondents to the Travelex Global Business Payments Report, which was released in June, made and received international payments. That’s good news, of course. At the same time, international payments can be difficult to complete. For starters, 81 percent of the survey participants said that payment patterns varied from one region of the world to the next. Because just about every country has its own payments systems and rules, standardization becomes difficult, says Adam Tiberi, senior vice president of global product management with Travelex. One-fourth of respondents said obtaining confirmation of payments and/or receipts was their greatest challenge when it came to international transactions, and 20 percent cited the lack of visibility into their cross-border payments and receipts.  […]

By | July 20th, 2010|Categories: AP Industry|0 Comments

Check Payment Software Requires Due Diligence

If you see ads touting software that you can download to immediately start writing checks and paying your vendors, you’ll want to tread cautiously. The provisions of the Bank Secrecy Act require that sellers of payment software complete several steps that will enable them to verify the legitimacy of their customers, says Richard Rogers, president of yourfavorite.com, publisher of checkwriter.com and several other payment applications. The reason? Payment software that’s available on demand and doesn’t require any verification of the purchaser’s legitimacy, could be used by anyone, anywhere in the world, to defraud others or commit terrorism. […]

By | July 13th, 2010|Categories: Technology, AP Industry|0 Comments

Maintaining Supplier Data and Information to Maximize ERP Systems and 1099 Reporting Compliance (Part 1)

Supplier information is integral to optimizing your relationships with your suppliers and for maximizing the value from your ERP system and other automated solutions.  Used correctly, a well kept supplier master data file is a strategic asset that can be leveraged into time savings, resource savings and dollars to your company’s bottom line. The biggest [...]

AP Departments Steadily Automate

Increasingly, the AP department is seen as a strategic element within companies and an area that can contribute to profits; perhaps as a result, it’s being monitored more closely. These are several of the findings of a recent study of 550 AP and finance professionals around the globe, which was conducted by Basware Corporation. At [...]

By | July 8th, 2010|Categories: Technology|0 Comments