A Feb. 7 story, "Banks' Taxes Would Climb Under Clinton 1998 Budget" (page 1), misstated the fine that banks would pay if they missed the final deadline for filing forms advising the Internal Revenue Service of customers' interest and investment earnings. It would be $50 per form or 5% of the earnings reported, whichever was more.
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The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of technology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of frictionless payments.